Prime Minister Narendra Modi had said that the Intermit Budget will provide a Disha Nirdesh for India. Finance Minister Nirmala Sitharaman said the government’s focus in on empowering the poor, farmers, youth and women. She added that the Indian economy is doing well and inflation is under control.
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Parliament of India: Finance Minister Nirmala Sitharaman has completed the presentation of the Interim Budget 2024, primarily emphasizing the upliftment of farmers, women, youth, and the most impoverished sections of society.
Sitharaman emphasized that the government’s top priority lies with the poor, women, farmers, and the youth. There was a general anticipation that the government’s agenda would be centered on increasing the income of farmers, fostering women’s empowerment, and generating additional employment opportunities for the youth.
She also said that the economy is doing well with the government’s focus on ‘Sabka Sath, Sabka Vikas’ and added that inflation has been successfully controlled.
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Summary from Nirmala Sitharaman’s interim budget speech
- ‘Viksit Bharat’ by 2047: Finance Minister
Finance Minister Nirmala Sitharaman mentioned that the government is working to make the nation developed by 2047.
“Working to make India ‘Viksit Bharat’ by 2047,” said FM.
- Government priority on poor, women, farmers and youth
Finance Minister Nirmala Sitharaman said the focus of the government is on the poor, women, youth and farmers.”We need to focus on – Garib, Mahilayen, Yuva and Annadata (Poor, women, youth and farmers); Their needs and aspirations are our highest priorities,” she said.
- Boosting farmers’ income
Nirmala Sitharaman said that the minimum support prices for crops have been periodically increased, in line with the government’s on enhancing farmer’s income/”Finance minister Nirmala Sitharaman said, “For welfare of our annadata, every year, under PM Kisan Samman Yojana, direct financial assistance is provided to 11.8 crore farmers. Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana. Our prosperity depends on equipping and empowering the youth.”
- ‘Economy doing well, inflation has moderated
‘Finance Minister Nirmala Sitharaman said the Indian economy is doing well and that all areas of growth are performing better than expected. “We have macroeconomic stability, Investments are robust. The economy is doing well,” said Sitharaman.
She also said that inflation is under control and that it has moderated.”Besides delivering on high growth, the government is equally focussed on a more comprehensive GDP – I.e., Governance, Development and Performance,” she added.
- Big infrastructure push
In her presentation, Finance Minister Nirmala Sitharaman gave a major push to infrastructure, including railways, aviation and ports. She said the capital expenditure outlay for next year increased by 11.1 per cent to Rs 11.11 lakh crore.
- Income Tax
The Finance Minister proposed maintaining the current tax rates for both direct and indirect taxes, including export duties. “There is no proposed change in the taxation rates,” said Sitharaman.
- Fiscal Deficit for FY24 and FY25
Finance Minister Nirmala Sitharaman adjusted the fiscal deficit to 5.8 per cent of the gross domestic product for FY24, revised from the previous estimate of 5.9 per cent.”Fiscal deficit for FY25 is estimated at 5.1 per cent of GDP, down from 5.8 per cent in current financial year,” said the FM.
- Three railway corridors announced
Finance Minister Nirmala Sitharaman announced the establishment of a port connectivity corridor, an energy, mineral, and cement corridor, and a high-traffic density corridor.These corridors aim to enhance connectivity and development in the respective sectors.
- Affordable housing initiative
Finance Minister Nirmala Sitharaman introduced a program to support deserving sections residing in rented accommodation, slums, chawls, or unauthorised colonies in acquiring or constructing their own homes.
- Free electricity through solar power
Finance Minister Nirmala Sitharaman introduced rooftop solarisation which is set to benefit 1 crore households, offering up to 300 units of free electricity each month.Anticipated advantages of the program include potential savings ranging from Rs. 15,000 to Rs. 18,000, along with opportunities for households to sell excess electricity to distribution companies (discoms).
What is an interim Budget?
The interim Budget covers government expenses and revenues for a short span in an election year until a new government is elected. It outlines the government’s expenditure and revenue proposals until a full-fledged budget is presented by the new government. The Union Budget, on the other hand, is the annual financial statement that outlines the estimated costs and expenses of the government for the following fiscal year.
What items are included in the interim Budget?
The interim Budget includes estimates for government expenditure, revenue, fiscal deficit, and financial performance for a few months, but cannot include major policy announcements.
What is the duration covered by an interim Budget?
An interim budget usually covers the immediate financial needs and allocations for the next few months until the new government can present a complete budget for the entire fiscal year.
Can significant policy changes be introduced in the interim Budget?
Generally, interim budgets focus on maintaining continuity and do not introduce major policy changes. However, they may include some policy adjustments and new initiatives if there is an urgent need or if they are in line with the ongoing government’s priorities.
Who presents the interim budget?
The interim budget is typically presented by the incumbent government’s finance minister before the expiration of their term.
What is the difference between an interim Budget and a regular Budget?
An interim budget is a shorter-term financial statement that allows for the smooth functioning of the government until a new administration can present a full budget for the entire fiscal year.
What happens to the interim budget after the new government takes office?
The new government has the option to either continue with the allocations and proposals outlined in the interim budget or make revisions based on its priorities and policies. The interim budget serves as a provisional guide until the full budget is presented.
This is Sitharaman’s sixth budget under the Prime Minister Narendra Modi-led administration. In the 2023-24 budget, a total expenditure of Rs 45,03,097 crore was proposed with the highest allocation going to sectors like defence, road transport and highways, railways, health and family welfare, and jal shakti.
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