Budget 2024: Finance Minister Nirmala Sitharaman to Present Interim Budget
Budget 2024: On Thursday, Union Finance Minister Nirmala Sitharaman is set to present the interim budget, marking her sixth budget as Finance Minister and the final one in the second term of the Modi government. This interim budget will cater to financial needs until a new government is formed after the upcoming Lok Sabha polls, with a full budget expected from the new government.
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Budget Session Commences
The Budget Session of Parliament began on Wednesday, with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha. The session, the last before Lok Sabha polls in April-May, spans eight sittings over 10 days.
Key Focus Areas
Parliamentary Affairs Minister Pralhad Joshi, at an all-party meeting, highlighted that the session would primarily focus on the interim union budget for 2024-25 and discussions on the Motion of Thanks on the President's Address. Additionally, legislative and other essential business may be addressed during the session.
Agenda and Discussions
Supplementary Demands for Grants for 2023-24 regarding the Union Government will be discussed. The session will also include the presentation and discussion on the Interim Budget of the Union Territory of Jammu and Kashmir for 2024-25, along with Supplementary Demands for Grants for the financial year 2023-24.
State of the Economy
The Ministry of Finance projects the Indian economy to grow close to 7 percent in the financial year 2024-25. The robust domestic demand, including private consumption and investment, has contributed to a 7.2 percent growth in 2022-23 and 8.7 percent in 2021-22. The economy is expected to grow by 7.3 percent in the current financial year, making it the fastest-growing major economy.
Bright Outlook
Factors such as firm GDP growth forecasts, manageable inflation levels, political stability, and signs of the central bank tightening its monetary policy contribute to a positive outlook for the Indian economy. Projections suggest India could become the third-largest economy globally, reaching a GDP of USD 5 trillion in the next three years and potentially becoming a USD 7 trillion economy by 2030.
Highlights from 2023-24 Budget
The last full Budget of Modi government 2.0 emphasized a 33 percent increase in capital expenditure outlay to Rs 10 lakh crore in 2023-24, accounting for 3.3 percent of the GDP. The agricultural credit target was raised to Rs 20 lakh crore, with a focus on animal husbandry, dairy, and fisheries.
Fiscal Targets and Prime Minister's Perspective
In the Union Budget 2023-24, Sitharaman set the fiscal deficit target at 5.9 percent of GDP, with an aim to bring it below 4.5 percent by the financial year 2025-26. Prime Minister Narendra Modi hailed the budget as the "first budget of Amrit Kaal," laying a strong foundation for a developed India by 2047.
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