Budget 2024: As Union Finance Minister Nirmala Sitharaman prepares to present the 92nd Budget on February 1, 2024, we delve into the details of this year’s interim budget, set against the backdrop of the upcoming general elections. From the historical context to the focus areas and expectations, let’s unravel the essential aspects of the Union Budget 2024.
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The Historical Landscape
- Budget Sessions and Types:
- The Budget Session of Parliament is scheduled from January 31 to February 9, 2024.
- Since Independence, India has witnessed 91 budgets, with the 92nd Budget slated to be presented by Nirmala Sitharaman.
- Budget Breakdown:
- Out of the 91 budgets, 77 were Regular Budgets, and 14 were Interim Budgets.
- Nirmala Sitharaman has been at the helm for six budgets, including the current one, with five regular budgets and one interim budget.
Understanding Interim Budgets
- Interim Budgets So Far:
- The upcoming interim budget will be the 15th in India since 1947.
- Key Differences:
- Interim Budgets include a snapshot of the current economic state, plan and non-plan expenditures, tax rate changes, and estimates for the coming financial year.
- Vote-on-Account focuses on essential expenditures without tax changes, covering salaries, ongoing projects, and government expenditures.
A Glimpse into the Election Scenario
- Comparing 2019 and 2024:
- The 2019 interim budget responded to BJP’s losses in three states, while 2024 comes on the heels of victories in Madhya Pradesh, Rajasthan, and Chhattisgarh.
- Sops announced in 2019 played a role in the BJP’s success in the 2019 Lok Sabha elections.
- The 2024 interim budget may witness targeted sops for specific groups, riding on the momentum of recent victories.
Anticipating the Interim Budget 2024
- Focus Areas:
- The budget is expected to address critical areas, including Modi’s guarantees, the ‘GYAN’ focus (Gareeb, Youth, Annadata, Nari), religious tourism, South India, Modi government’s third term, and India’s economic ambitions.
- Modi Guarantees in the Budget:
- Key welfare narratives, including schemes like PM Garib Kalyan Anna Yojana, PM Mudra Yojana, PM Awas Yojana, and others, are anticipated to be highlighted.
- These guarantees played a significant role in BJP’s electoral narratives and may continue in the 2024 interim budget.
What to Expect on February 1, 2024
- Key Dates:
- On January 31, 2024, President Droupadi Murmu will address Parliament, marking her last speech in the current Lok Sabha.
- Finance Minister Nirmala Sitharaman will present the interim budget on February 1, 2024, at 11 AM.
- Economic Survey Alteration:
- Instead of a comprehensive Economic Survey, a concise document on India’s economy for 2024-25 is expected before the interim budget.
- Interim Budget Highlights:
- The interim budget, the 15th since 1947, will cover government expenditures from April to July 2024.
- It serves as a vital economic document before the upcoming general elections.
As India anticipates the unveiling of the 92nd Budget, this article provides an insightful preview of what to expect in the Interim Budget 2024, considering historical contexts, election scenarios, and key focus areas.
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