New Delhi: In a move the Union Cabinet, led by Prime Minister Narendra Modi has given its approval for the Interim Budget 2024. This is a development as Finance Minister Nirmala Sitharaman is set to present the budget on Thursday with Prime Minister Modi presiding over a crucial cabinet meeting in anticipation.
The Interim Budget aligns with this years Lok Sabha polls and will be Finance Minister Sitharamans sixth budget and the final one in the second term of the Modi government. Union Minister Arjun Ram Meghwal emphasized the significance of this day while Prime Minister Modi assured in a pre Budget media briefing that the government will adhere to tradition by presenting the full Budget after the new government is formed.
Union Minister Rao Inderjit Singh expressed confidence that this budget will focus on development for our country. In accordance, with tradition Finance Minister Sitharaman visited President Droupadi Murmu at Rashtrapati Bhawan before presenting the Budget accompanied by Ministers of State Bhagwat Karad and Pankaj Chaudhary.
The Interim Budget aims to address requirements during this interim period until a new government is formed after Lok Sabha polls. Afterward a comprehensive budget will be presented.
The Parliaments Budget Session, which was inaugurated by President Droupadi Murmu began with Finance Minister Sitharaman matching the achievement of former Prime Minister Morarji Desai. Desai had presented five budgets and one interim budget between 1959 and 1964.
In her address President Droupadi Murmu hailed the year 2023 as a milestone for India emphasizing its impressive economic growth despite global challenges. The Budget Session spans over 10 days. Includes eight sittings before the anticipated Lok Sabha polls in April May.
During an all party meeting Parliamentary Affairs Minister Pralhad Joshi disclosed that the budget session will primarily focus on matters concerning the interim union budget for 2024 25. Discussions on the Motion of Thanks on the Presidents Address will also be held. In addition to these matters there will be discussions on Supplementary Demands for Grants and other legislative business throughout this session.
A review report from the Ministry of Finance forecasts that the Indian economy is expected to grow by 7 percent in the upcoming financial year starting in April 2024. This follows a growth rate of 7.2 percent in 2022 23 and a 8.7 percent in 2021 22 solidifying Indias position, as one of the fastest growing major economies.
In the complete budget of the second term of the Modi government there was a notable suggestion to increase the allocation for capital expenses in the financial year 2023 24. This decision indicates an approach, towards promoting economic growth.
—Input from Agencies