Budget 2024 LIVE Updates: Union Finance Minister Nirmala Sitharaman is set to present the budget for FY 2024-25 on Thursday, marking the final annual financial statement of the Narendra Modi government’s second term.
The traditional pre-budget ‘halwa’ ceremony was held on Wednesday, initiating a ‘lock-in’ period for officials involved in budget preparation to maintain confidentiality until its tabling in the Lok Sabha on February 1.
This is the final budget of the Narendra Modi government’s second term. The upcoming budget is deemed ‘interim’ as the government faces a general election in April-May.
The full budget will be presented in July by the incoming government, whether a re-elected or new administration. In India, the financial year starts on April 1 and ends on March 31 of the following year.
Follow all the updates here:
What to watch out for in Interim Budget ahead of Lok Sabha polls
Ahead of the upcoming elections, Prime Minister Narendra Modi is expected to focus on targeted spending initiatives without widening the fiscal deficit in India’s final budget before polls.
The buoyant economy has generated a tax surplus, enabling the government to meet deficit reduction goals. Finance Minister Nirmala Sitharaman, delivering her sixth budget speech on February 1, may allocate funds to key sectors like agriculture, women, poverty alleviation, and youth, aligning with Modi’s election priorities, Bloomberg reported.
However, economists anticipate a cautious approach, as the budget is interim until the new government assumes office.
Parliamentary leaders meet ahead of interim Budget session
Floor leaders from various political parties in both Houses of Parliament will meet on Tuesday, led by Minister of Parliamentary Affairs Pralhad Joshi, ANI reported.
The upcoming Budget Session, the final session before the anticipated general elections in April-May, is scheduled from January 31 to February 9. Union Finance Minister Nirmala Sitharaman will present the interim budget on February 1, addressing the fiscal needs until a new government is formed after the Lok Sabha polls.
The session will commence with President Droupadi Murmu’s joint sitting address to both Houses.
Budget 2024: Government convenes all-party meeting
Before the Budget session, the government has scheduled an all-party meeting on Tuesday, bringing together floor leaders from various parties in Parliament. This customary practice precedes each session, allowing leaders of different parties to highlight the issues they intend to raise in Parliament. The government takes this opportunity to provide a glimpse of its agenda and seek cooperation.
The upcoming session, occurring between January 31 and February 9, will be brief. Finance Minister Nirmala Sitharaman is poised to present an interim budget ahead of the Lok Sabha polls, with the new government later presenting the full-fledged budget.
The session will commence with an address by President Droupadi Murmu.
What FMCG, auto & IT sectors expect from FM Sitharaman in Budget 2024
While various sectors have their expectations from the finance minister, major announcements are not expected as the upcoming budget will be ‘interim’; this is because the government faces a general election this year.
The full budget for FY24-25 will be tabled in July by the incoming government.
HT’s sister publication, Mint’ spoke to experts from infra, FMCG, auto, and IT sectors, to see what each sector expects from FM Sitharaman.
What women entrepreneurs expect from interim Budget 2024?
Anticipated in the upcoming interim budget are potential incentives for maternity leave benefits, a focus on skill training for young women, tax relaxations targeted at women entrepreneurs, and an increase in paid holidays for working mothers. Union Finance Minister Nirmala Sitharaman is set to present the budget on February 1, preceding the Lok Sabha elections.
Assam tea industry seeks export promotion policy
The ailing tea industry in Assam needs proper promotion, particularly overseas, so that it can tap new markets, according to Nalin Khemani, Chairman of Bharatiya Chai Parishad.
“The commerce ministry must ensure that our exports improve; they promote our tea. There is an oversupply in our domestic market, and the export demand is tepid. If the government takes up with the Tea Board to introduce a tea promotion policy, we can tap new overseas markets,” he told ANI ahead of the Union interim budget.
Budget 2024 LIVE: Interim budget likely to present report card of Modi govt
The forthcoming interim budget is anticipated to provide a comprehensive review of the decade-old central government’s performance. The budget is expected to offer relief to the middle class, introduce measures to curb inflation, sustain key subsidies, prioritize agriculture, promote manufacturing, work towards the saturation of welfare schemes, and advance the mission to achieve a $5 trillion economy by 2027-28.
Additionally, it will emphasize the two-decade-long Viksit Bharat road map. Individuals familiar with the preparations highlighted that the interim budget, also known as the vote on accounts, will serve as an occasion for the government to reaffirm its economic vision. The focus is likely to be on women, youth, farmers, and the economically disadvantaged, including scheduled castes and tribes, aligning with the approaching parliamentary polls in the summer. The sources requested anonymity.
The article originally appeared on Hindustan Times.