NEWDELHI: Prime Minister Narendra Modi on Thursday gave a thumbs up to the Interim Budget 2024 presented by Union Finance Minister Nirmala Sitharaman, saying it will ”empower all – the poor, youth, women and the middle class.” This budget is a reflection of the young aspirations of a young India. Two important decisions were made within the Budget. For research and innovation, a fund of Rs 1 Lakh Crore has been announced…”
Describing it as a monumental step towards empowering the underprivileged sections of society, PM Modi commended the fiscal prudence demonstrated by keeping the fiscal deficit in check while prioritizing capital expenditure.
“In this budget, keeping fiscal deficit under control, capital expenditure has been given a historic high of Rs 11,11,111 Crore. If we speak the languages of the economists, in a manner this is a ‘sweet spot’. With this, besides building India’s modern infrastructure of the 21st century, innumerable new job opportunities for the youth will be prepared,” PM Modi further said.
Referring to the vast middle-class taxpayers, the PM said, “Income-tax remission scheme will provide relief to 1 crore people from the middle class. In this budget, important decisions have been taken for the farmers.”
Union Finance Minister Nirmala Sitharaman earlier delivered the much-anticipated Interim Budget 2024, infused with optimism and a forward-looking vision. With unwavering confidence, she articulated her belief that the Narendra Modi-led BJP, buoyed by its commendable policies and governmental endeavours, is poised for a historic third consecutive term in power.
High Aspirations, Bright Future: Visionary Outlook Sets Tone
Sitharaman, addressing the august Lok Sabha, encapsulated the spirit of a nation brimming with youthful aspirations and unwavering faith in its trajectory. “Our young country has high aspirations, pride in its present and hope and confidence for a bright future. We expect that our government based on its stupendous work will be blessed again by the people with a resounding mandate,” she declared, setting the tone for a budgetary discourse underlined by progress and inclusivity.
Stupendous Progress: Govt’s Proactive Measures Tackle Poverty
Highlighting the government’s transformative role, Sitharaman underscored its pivotal role in uplifting 25 crore individuals from multidimensional poverty over the past decade. Emphasizing continuity and progress, she reiterated the government’s commitment to the principles of “Sabka Saath, Sabka Vikas, and Sabka Vishwas,” signaling a steadfast resolve towards inclusive growth.
In her speech, FM said that the Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report. India’s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy, she added.
FM Sitharaman further said that the ”government will present a detailed roadmap for its pursuit of Viksit Bharat in the full budget in July.”
Cabinet Nod: PM Chairs Meeting Ahead of Budget Unveiling
Before the momentous budgetary unveiling, Prime Minister Narendra Modi led the Union Cabinet in granting its seal of approval to the Interim Budget 2024. The meticulous deliberations underscored the government’s dedication to fiscal prudence and strategic planning, setting the stage for a landmark budget presentation.
Historic Streak: Sitharaman’s Sixth Budget Marks Milestone
With the Interim Budget 2024, Finance Minister Sitharaman etched her name in history, marking her sixth budgetary presentation during the Modi government’s tenure. As the final budgetary endeavour in the current term, it stands as a testament to her astute stewardship and unwavering commitment to the nation’s economic well-being.
Bridge To The Future: Interim Budget Bridges Transition Period
Designed to cater to the nation’s fiscal exigencies during the transitional phase preceding the formation of a new government post-Lok Sabha elections, the Interim Budget assumes paramount significance. Its provisions and allocations serve as a bridge, ensuring continuity and stability in governance amidst the electoral flux.
Parliamentary Prelude: Budget Session Commences With Presidential Address
The commencement of the Budget Session witnessed President Droupadi Murmu’s stirring address to a joint session of the Lok Sabha and Rajya Sabha, heralding the onset of parliamentary deliberations. Against this backdrop of democratic fervour, Sitharaman’s budgetary pronouncements acquire added significance, setting the stage for constructive discourse and deliberation.
Historical Parallel: Sitharaman Matches Desai’s Budgetary Record
In achieving the feat of presenting her sixth budget, Finance Minister Sitharaman mirrored the illustrious precedent set by former Prime Minister Morarji Desai. With a tally matching Desai’s five annual budgets and one interim budget between 1959 and 1964, Sitharaman’s stewardship assumes a historical resonance, emblematic of continuity and institutional strength.
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