Finance Minister Nirmala Sitharaman has arrived at the Ministry of Finance to prepare for Budget 2024. She was accompanied by MoS finance Bhagwat Karad and Pankaj Chaudhary. This budget will be her sixth as the Finance Minister and the last before the upcoming Lok Sabha elections.
Given the impending elections, Sitharaman will present an interim budget, ensuring financial stability until a new government is formed. President Droupadi Murmu addressed the joint sitting of Lok Sabha and Rajya Sabha, highlighting India's resilience amid global challenges in 2023.
The upcoming Parliament session, the last before elections, will focus on the interim union budget for 2024-25 and discussions on the President's Address. The Ministry of Finance forecasts a 7% growth for the Indian economy in the upcoming fiscal year, building on past growth rates of 7.2% and 8.7%.
Capital expenditure is set to increase significantly, reaching Rs 10 lakh crore, or 3.3% of GDP, in 2023-24. The interim budget will also cover the Union Territory of Jammu and Kashmir's budget for 2024-25 and Supplementary Demands for Grants for 2023-24.
These measures underscore the government's commitment to driving economic growth through increased capital spending.
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