Union Budget 2024: Finance Minister Nirmala Sitharaman is poised to realize a milestone by delivering her sixth consecutive funds presentation, encompassing 5 annual budgets and one interim funds. This accomplishment mirrors the historic feat of former Prime Minister Morarji Desai.
Budget 2024 Date
With the presentation of interim Budget on February 1, Sitharaman will surpass the information of her predecessors like Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha, who had offered 5 budgets in a row. Desai, as Finance Minister, had offered 5 annual Budgets and one interim Budget between 1959-1964.
After the Modi authorities got here to energy in 2014, Arun Jaitley took cost of the finance ministry and offered 5 Budgets in a row from 2014-15 to 2018-19.
It was in 2017, that Jaitley departed from the colonial-period custom of presenting Budget on the final working day of February to 1st of the month.
Piyush Goyal, who was holding the extra cost of the ministry as a result of in poor health well being of Jaitley, offered the interim Budget for 2019-20 on February 1, 2019. Goyal had hiked commonplace deduction for salaried taxpayers by Rs 10,000 to Rs 50,000. Also, the tax rebate for taxpayers whose annual taxable revenue didn’t exceed Rs 5 lakh was elevated from Rs 2,500 to Rs 12,500.
After the 2019 normal elections, within the Modi 2.0 Government, Sitharaman was given the cost of the finance portfolio. She turned the second lady to have offered a Budget after Indira Gandhi, who had offered the Budget for monetary 12 months 1970-71.
That 12 months, Sitharaman did away with the normal funds briefcase and as a substitute went for a ‘bahi-khata’ with the National Emblem to hold the speech and different paperwork.
Under Sitharaman, India has weathered the Covid pandemic with an array of coverage measures introduced for the poor and continued its tag of the quickest-rising main economic system and a ‘bright spot’ on the earth economic system.
India is racing to develop into a USD 5 trillion economic system by 2027-28 and a USD 30 trillion by 2047.
Former Prime Minister Morarji Desai who holds the tag of presenting 10 Budgets — the utmost by any finance minister — had offered six of them, together with one interim, in a row.
The first Budget of Independent India was offered by the primary finance minister R Okay Shanmukham Chetty.
Sitharaman, who will likely be presenting her sixth Budget in a row, is anticipated to give you some measures, particularly to spice up the agricultural sector because the agriculture sector progress in 2023-24 is estimated to decelerate to 1.8 per cent, from 4 per cent, within the previous 12 months.
Interim Budget 2024
The interim Budget 2024-25 to be offered by Sitharaman on February 1, will likely be a vote-on-account that may give the federal government authority to spend sure sums of cash until a brand new authorities involves workplace after the April-May normal elections.
As the Parliamentary elections are due, Sitharaman’s interim Budget could not comprise any main coverage adjustments.
Speaking at an trade occasion final month, Sitharaman had dominated out any “spectacular announcement” within the interim Budget, saying it might simply be a vote-on-account earlier than the overall elections.
A vote-on-account, as soon as accredited by Parliament, will authorise the federal government to withdraw cash from the Consolidated Fund of India on professional-rata foundation to fulfill expenditure for the April-July interval.
The new authorities, which is prone to be fashioned round June, will give you a remaining Budget for 2024-25 someday in July.
Usually, interim Budgets don’t comprise main coverage bulletins, however nothing stops the federal government from taking steps which are essential to cope with the pressing points going through the economic system.
In the final interim funds for FY 2019-20, whereas the general tax construction remained unchanged, there have been sure particular tax rebates and commonplace deduction concessions.
(With PTI inputs)
