Nirmala Sitharaman, the minister of finance, will present the interim budget for 2024 today. India is excited about the upcoming Union Budget 2024 and is looking forward to Finance Minister Sitharaman’s announcement of the ideas. While an interim budget mostly focuses on sustaining vital services until the next government assumes power, there are a lot of crucial expectations in the air.
Presenting today, February 1, 2024, at 11 a.m., the interim budget for the fiscal year 2024–25 follows Indian custom and comes before the general elections that are expected to take place in April/May of that year. Watch the live webcast of Budget 2024 here.
When time or authority restrictions preclude the presentation of a full budget, the government presents an interim budget, also known as a vote-on-account or interim budget.
Live Expectations for Budget 2024:
There’s a lot of excitement in India about the proposed interim budget of 2024, which Finance Minister Nirmala Sitharaman would present. It is imperative to remember that an interim budget focuses mostly on maintaining essential services until the next administration takes office, although many important expectations continue to exist.
The highest expectations
Taxpayers who receive salaries: Higher income tax slabs or deductions to encourage spending by consumers.
Farmers: To promote rural income, PM Kisan pay-outs should be maintained or increased.
Infrastructure: Encourage the development of infrastructure, especially in the areas of roads, trains, and semi-urban regions.
Education and healthcare: To improve social welfare, more funding should be allocated to education and healthcare.
MSMEs: Initiatives to support small and medium-sized businesses in order to promote entrepreneurship.
Digital economy: Measures to stimulate the sector’s expansion through incentives and policies.
Green energy: Promote the development of renewable energy infrastructure and clean energy resources.
The Sixth Budget Speech by Nirmala Sitharaman
Nirmala Sitharaman’s sixth consecutive Budget, laced with political allusions, might be seen as a political document that highlights the achievements of the Modi government over the last ten years and provides guidance on the direction the government wishes to lead the nation.
After her recent decisive victories in three states, there was pressure to take populist measures; however, she is anticipated to continue being fiscally conservative and to sprinkle sops on industries like agriculture other engines of the economy that would increase spending and generate employment.
Why Is This Year’s Interim Budget (2024)?
Transition period: Following elections, a new administration requires time to evaluate the financial position and develop its own long-term budgetary strategies. The departing administration submits a budget in the interim to ensure seamless government transition until the next election.
Pre-election period: It is customary in India not to provide a complete budget in the year before the general elections. This is to stop the current administration from wooing people with populist policies by using the budget as a political instrument. Therefore, until the next administration is elected and publishes its first complete budget, an interim budget is issued to pay for government costs.
