Finance Minister Nirmala Sitharaman is presenting the interim budget 2024 in Parliament. PM Modi’s second term ends with the presentation of the interim budget by Finance Minister Nirmala Sitharaman ahead of the Lok Sabha elections in 2024.
In Short
This interim budget (Budget 2024) is of a temporary nature and will be presented for the financial year 2024-25 only after the formation of the new government following the general elections. To help the government manage its financial obligations, the interim budget creates a framework for spending and revenue until the next government is formed.
#WATCH | PM Modi on interim Budget says, "Income-tax remission scheme will provide relief to 1 crore people from the middle class. In this budget, important decisions have been taken for the farmers."#Budget2024 pic.twitter.com/Lg2fRnMJS5
— ANI (@ANI) February 1, 2024
What is an Interim Budget?
During election years, the existing government cannot present a full budget. Therefore, an interim budget, covering the government’s expenses and revenue for a short period, is presented.
What does the Interim Budget include?
The interim budget includes the government’s expenditure, revenue, fiscal deficit, financial performance, and estimates for a few month.
What is the Central Budget?
The central budget provides an annual financial breakdown of the government’s estimated expenditure and expenses for the financial year.
When will the Full Budget be released?
After the Lok Sabha elections, the new government presents the full budget.
Budget 2024, A Deep Dive
Nirmala Sitharaman said, “It ensures transparency and assurance that benefits are available to all eligible individuals, and resources are distributed without any discrimination. We are addressing systemic inequalities that have affected our society. We need to focus on four key pillars – the poor, women, youth, and farmers. Empowering them will enhance the well-being of the country.
#WATCH | Interim Budget 2024-25 | Union Finance Minister Nirmala Sitharaman says, "…The revised estimate of the fiscal deficit is 5.8% of GDP, improving on the budget estimate notwithstanding moderation in the nominal growth estimates." pic.twitter.com/MxehZWCPZA
— ANI (@ANI) February 1, 2024
Budget 2024 for the Poor section:
According to Finance Minister Nirmala Sitharaman, “the nation’s welfare is the welfare of the poor.” We support giving the poor more authority. The policy of ‘Hak ki Pehli Ranniti‘ (the first policy of rights) did not work. The government has helped 25 crore people to be free from multidimensional poverty with the goal of ‘Sabka Saath.’ In the last 10 years, the government has assisted 25 crore people in overcoming multidimensional poverty with the goal of ‘Sabka Saath.'”
Budget 2024 for Farmers:
She elaborated, “To enhance the prosperity of our farmers through the PM Kisan Samman Nidhi initiative, we extend direct monetary support to approximately 11.8 crore farmers annually. Under the PM Fasal Bima Yojana, crop insurance is given to 4 crore farmers. Our prosperity relies on empowering and strengthening our youth.”
Nirmala Sitharaman emphasized, “Through the PM Fasal Bima Yojana, insurance coverage has been extended to four crore farmers, playing a crucial role in ensuring food production for both the nation and the global community.” The integration of 1361 mandis has united with a trading volume of 3 lakh crores.”
She included, “Over the past decade, there has been a 28% rise in the participation of women in higher education, and the enrollment rate for girls and women in ITEI programs stands at 43%, a global pinnacle.” These actions have a major impact on the rise in women’s employment involvement.
Speaking of the COVID-19 pandemic, Sitharaman stated, “A new global order is emerging after the COVID pandemic.” She emphasized how India led the globe through a challenging period while serving as the G20 chairperson. Despite the worldwide food, petroleum, fertilizer, and financial crises brought on by the epidemic, India has managed to get by.”
Budget 2024 on Investment:
She went on, saying, “Our government will implement economic policies that support investment, maintain development, and help people realize their goals. The government will promote improvements for the next generation and ensure effective implementation in consultation with states and stakeholders.”
Budget 2024 on Middle Class:.
“The government will assist the middle class living in rented or slum areas in building or buying their homes.”
Nirmala Sitharaman announced, “Ayushman Bharat coverage will be extended to all Anganwadi and ASHA workers. All maternal and child health care schemes will be brought under a comprehensive plan. Additionally, the Lakhpati Didi scheme’s target is increased from ₹2 crores to ₹3 crores.”
She also mentioned that major rail infrastructure projects, including metro rail and NamO Bharat, will be expanded to more cities, and approximately 40,000 rail coaches will be converted into Vande Bharat coaches.
“I do not propose any changes in the tax rates in direct and indirect taxes, including import duties,” said Finance Minister Nirmala Sitharaman.
