The Budget for 2024-25 represents a pivotal economic policy statement by the Modi 3.0 government, setting forth India's trajectory towards achieving developed nation status by 2047. Experts emphasize the necessity of tax reductions aimed at bolstering consumer spending, alongside measures to combat inflation and drive economic growth.

The Congress party has called for the upcoming Budget to address fundamental economic challenges. They question why private investment remains sluggish, hitting a 20-year low in April-June 2024, and why private consumption, particularly among the broader population, is not showing significant growth despite claims of accelerating economic expansion and job creation.

Jairam Ramesh, Congress's general secretary for communications, stated, "Supporters of the PM, who is not Modi, assert that economic growth is rapidly increasing and jobs are plentiful. However, the reality contradicts this narrative." He raised concerns about plummeting household savings and skyrocketing household debt, declining rural wages, and the diminishing wage share of national income. Ramesh also queried the decline of manufacturing as a proportion of GDP, which continues to reach new lows.