Will there be any major announcement in 2024 general budget? Finance Minister has THIS to say

Finance Minister Nirmala Sitharaman on Thursday mentioned the funds to be introduced on February 1, 2024, wouldn’t have any “spectacular announcement” as it will be a vote on account in the run-up to the general elections.

Sitharaman mentioned that it’s true that the funds that can be introduced on February 1, 2024, will be solely a ‘vote on account’ as a result of we are going to be making ready for elections. Therefore, the federal government’s funds will solely meet the federal government bills till a brand new authorities is shaped. 

Speaking through the Global Economic Policy Forum 2023 organised by the Confederation of Indian Industry (CII) and the Finance Ministry, Sitharaman mentioned the nation would then be making ready for the Lok Sabha elections to be held in the summer time of 2024.

‘Vote on account will be introduced’

Following British custom, the February 1 funds will be known as ‘Vote on Account’. Sitharaman mentioned, “It is a matter of truth that February 1, 2024 budget that will be announced will just be a vote on account because we will be in an election mode. So the budget that the government presents will just be to meet the expenditure of the government till a new government comes to play. No spectacular announcements come in that time (in vote on account). So you will have to wait till after new government comes in and presents next full Budget in July 2024,” she mentioned. 

 

Talking about international financial coverage, Sitharaman mentioned there is a necessity for international engagement in improvement and sustaining momentum on the issues of the Global South. He mentioned the prices of the power transition are a priority and that the EU’s carbon tax norms towards the Global South are morally unjustified. Notably, there is at all times curiosity in the minds of the general public relating to the funds that the federal government can announce numerous schemes to present reduction to them. It may present reduction in revenue tax. However, this is not going to occur this time. The full funds will be introduced after the general elections. 

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