Today, Union Finance Minister Nirmala Sitharaman presented the interim Budget for 2024, matching the record set by former Prime Minister Morarji Desai, who served as finance minister and presented five annual budgets along with one interim budget between 1959 and 1964. This marks Sitharaman's sixth Budget as the Finance Minister, comprising five annual budgets and one interim budget, and is the final budget of the Modi 2.0 government.
Nirmala Sitharaman announced during the interim Budget 2024 that rooftop solarisation would empower 1 crore households to receive up to 300 units of free electricity monthly. She also mentioned that the fiscal deficit for 2024-25 is projected to be 5.1 percent of the GDP. The finance minister proposed to maintain the current tax rates for both direct and indirect taxes, including import duties.
During her Budget speech, Finance Minister Sitharaman outlined the economic performance of the Modi government over the past decade, highlighting the following achievements:
Average income of people has surged by 50%. Rooftop solarisation would empower 1 crore households to receive up to 300 units of free electricity monthly GST implementation has facilitated a unified market with a single tax. Remarkable progress has been made in infrastructure development. Direct transfer of Rs 34 lakh crore through the PM Jan Dhan scheme has resulted in government savings. Inflation has been kept in check and has remained within the policy band. The PM SVANIDHI scheme provided credit assistance to 78 lakh street vendors. 4 crore farmers received crop insurance under the PM Fasal Bima Yojana. 11.8 crore people are benefiting annually from direct assistance under the PM Kisan scheme. 30 crore loans have been disbursed to women entrepreneurs under the MUDRA Yojana.Female enrollment in higher education has also increased by 28% over the past decade.
In addition to achieving high growth rates, Finance Minister Nirmala Sitharaman emphasized the government's focus on a comprehensive GDP - Governance, Development, and Performance. She stated, "There is macroeconomic stability, robust investments, a flourishing economy, empowered citizens with greater aspirations, a significant increase in average real income, moderate inflation, effective and timely delivery of programs, and large-scale projects."
Sitharaman asserted that under the leadership of Prime Minister Narendra Modi, the Indian economy has undergone substantial positive transformation, addressing inclusivity through structural reforms, public-benefiting programs, and the creation of employment opportunities.
In December, the Reserve Bank of India revised its GDP growth projection for the ongoing fiscal year, raising it to 7% from the earlier estimate of 6.5%.
The interim budget will cater to the financial needs until a new government is formed after the Lok Sabha elections. A full budget will then be presented by the new government.
The Budget Session of Parliament commenced with President Droupadi Murmu addressing a joint gathering of Lok Sabha and Rajya Sabha. This session, the last before the anticipated Lok Sabha elections in April-May, is scheduled to have eight sittings spread over 10 days, primarily focusing on financial matters related to the interim union budget for the fiscal year 2024-25.
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