Interim Union BUDGET 2024: Union Finance Minister Nirmala Sitharaman on Thursday presented Interim Budget 2024-25 at the Parliament. This is Sitharaman’s sixth Budget as Finance Minister and the last of the Modi government’s second term.
While presenting the Budget, Sitharaman said that the Indian economy witnessed profound positive transformation in the last 10 years.
“In the second term our government strengthened it’s vision of Sabka Saath, Sabka Vikas and Sabka Vishwas,” said said in her Budget speech.
Finance minister emphasized on the need to focus on four major pillars – Poor, Women, Youth and Annadatas (Farmers).
The budget will outline significant guidance in various sectors amid geopolitical tensions, high inflation and soft global slowdown.
The Budget Session started on January 31 with President Droupadi Murmu’s address in the new Parliament building.
President Murmu applauded the many accomplishments of the Indian government over the last year, including the passage of the Women’s Reservation Bill, India becoming the fifth largest economy in the world, Chandrayaan-3, and the G20 Summit.
She further stated that the success over the last year needed to be credited to practices exercised over the past 10 years.
At Parliament, the Finance Minister was seen along with Ministers of State Dr Bhagwat Kishanrao Karad and Pankaj Chaudhary and senior officials of the Ministry of Finance. She called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget.
With the General Elections scheduled this year, the Union Government can not deliver a full-fledged budget, but an interim one.
Last month, Sitharaman had announced that the upcoming Budget will be a vote-on-account and there will be no spectacular announcement as the government will be in election mode.
According to Article 116 of the Indian Constitution, Vote on Account is a grant in advance for the Central government to meet short-term expenditure, generally lasting for a few months till the new financial year starts.
The interim budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls. A full budget will be presented by the new government.