Finance Minister Nirmala Sitharaman will present the last budget of the Modi 2.0 government before the election. Technically, the budget she will table is an accounting vote, often referred to as an interim budget because it seeks early parliamentary approval for funding to meet the central government’s essential spending for the first four months of the new financial year, which starts in April. . The new government elected after the April/May Lok Sabha elections is likely to present a full budget in July.
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The interim budget is likely to contain a slew of measures targeting the economy and electorally important groups such as farmers and women. Sitharaman’s sixth consecutive budget is full of political overtones and could become a political document that outlines the victories of the Narendra Modi-led government over the past decade and points out how the government hopes to Lead the country forward.
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However, just weeks before the Model Code of Conduct comes into effect, the interim budget presents an amazing opportunity. While as a rule no major policy announcements are made during the accounts vote, following past practice has not stopped the government from making major announcements such as the cash relief package for farmers announced in the 2019 interim budget.
The Union Budget 2024 will come into force at 11 am (IST). Here’s everything you need to know:
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Sansad TV and Doordarshan: Both channels will broadcast the budget presentation live on television and on their respective YouTube channels.
Press and Information Bureau (PIB): It will provide live streaming on its online platform.
News channels and financial websites: Many news channels will carry special reports and live TV broadcasts, while news websites dedicated to business and finance will carry live broadcasts and updates.
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The budget is expected to focus on infrastructure and reverse a trend of spending heavily on new get-out-the-vote measures. However, it will provide an opportunity to assess the fiscal health of the economy against the backdrop of strong economic growth. It will provide the government with an opportunity to provide a clear roadmap for achieving the goals of the Fiscal Responsibility and Budget Management Act (FRBMA).
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The budget fiscal deficit target of 5.9 per cent of gross domestic product (GDP) for the current fiscal year is likely to be achieved, but this is almost double the FRBM central GDP target of 3 per cent fiscal deficit. Correspondingly, the debt-to-GDP ratio is 54%, which is also well above the 40% target.
Ernst & Young said in a report that if nominal GDP growth remains at 10.5%, it could take up to 13 years for the debt-to-GDP ratio to reach 40%. This is based on the success of reducing the fiscal deficit to 3% of GDP by FY2029.
Budget document mobile app
All budget documents, including the Annual Financial Statement (popularly known as the Budget), Demand for Grants (DG), Finance Bills, etc., will be made available on the ‘Federal Budget Mobile App’ to provide easy access to the budget documents by MPs and MPs. the general public. The documents will be available on the app after the union finance minister completes his budget speech.
The app is bilingual (English and Hindi) and available on Android and iOS platforms. It can also be downloaded from the Union Budget Portal: www.indiabudget.gov.in
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