New Delhi: The Union Cabinet, led by Prime Minister Narendra Modi, has approved the Interim Budget 2024, slated for presentation by Finance Minister Nirmala Sitharaman on Thursday.
Prime Minister Modi presided over the cabinet meeting ahead of the Interim Budget's presentation in Parliament. This budget will mark Sitharaman's sixth as Finance Minister and the final one in Modi's second term.
Speaking in a customary media briefing prior to the Budget session, Prime Minister Modi stated that the government would adhere to tradition, with the full Budget to be presented after the formation of a new government.
Union Minister Rao Inderjit Singh affirmed, "The Budget will be forward-looking and geared towards the nation's development."
Following tradition, Finance Minister Nirmala Sitharaman, accompanied by Ministers of State Bhagwat Karad and Pankaj Chaudhary, first met with President Droupadi Murmu at Rashtrapati Bhawan before the Budget presentation in Parliament on Thursday morning.
The interim budget will address financial requirements until a new government is formed post the Lok Sabha polls, with a full budget expected from the incoming government.
The Budget Session of Parliament commenced with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha, where Sitharaman equaled the record set by former Prime Minister Morarji Desai in presenting budgets.
In her address, President Murmu hailed 2023 as a historic year for India, highlighting its robust economic growth amidst global challenges.
The upcoming session, preceding the Lok Sabha polls scheduled for April-May, will span eight sittings over 10 days. Parliamentary Affairs Minister Pralhad Joshi stated that the session would primarily focus on financial matters related to the interim budget and discussion on the President's Address.
Furthermore, discussions on Supplementary Demands for Grants and the Interim Budget of the Union Territory of Jammu and Kashmir for 2024-25 will also be on the agenda.
The Ministry of Finance projects India's economy to grow nearly 7 percent in the financial year 2024-25, following consecutive years of strong growth.
The last full Budget of the Modi government proposed a significant increase in capital expenditure outlay, reflecting the government's commitment to infrastructure development.
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