Introduction
On July 23, 2024, Indian Finance Minister Nirmala Sitharaman presented her consecutive 7th Union Budget, and first in Prime Minister Modi’s third term. Commenting on it, Prime Minister Modi said “today’s budget will act as a catalyst in making India the world’s third largest economy.”[1]
At present, the Indian economy is the fifth largest as it grew at a rate of 8.2 percent.[2] It is expected to grow between 6.5 to 7 percent in the current fiscal year. On the other hand, India is currently the world’s most populous country with 1.4 billion people. Of these, around 40 percent are younger than 25 years of age.[3]
