Interim Budget 2024: FM Sitharaman Presents Short-Term Financial Plan for India

Finance Minister Nirmala Sitharaman presented the much-anticipated Interim Budget for the year 2024 today, outlining the short-term financial plan for India. As the country gears up for the upcoming elections, the interim budget serves as a provisional guide until a new government is elected and a full-fledged budget can be presented by the new administration.

Sitharaman, in her Budget speech, highlighted the profound transformation witnessed by the Indian economy in the last decade. She credited the Modi-led government for implementing crucial structural reforms and pro-people programs, which played a significant role in driving this transformation.

The Finance Minister emphasized the government’s commitment to fiscal consolidation, aiming to reduce the fiscal deficit to 4.5% by 2025-26. This cautious approach is in line with the government’s strategy of maintaining a stable and robust financial environment to support sustained economic growth.

One of the most noteworthy aspects of the interim budget was its tax proposals. Sitharaman announced that there would be no changes in the tax rates for direct and indirect taxes, including import duties. This decision aims to provide stability and continuity in taxation policies, ensuring predictability for businesses and taxpayers alike.

The Interim Budget 2024 was presented in the Lok Sabha, at the Parliament House, creating an atmosphere of anticipation and scrutiny. The Finance Minister’s speech resonated with the commitment to fiscal prudence, transparency, and responsible governance.

Now, as the country waits for the outcome of the upcoming elections and the formation of a new government, this interim budget will serve as a provisional guide for the nation’s financial decisions. The new administration will have the option to either adopt the allocations and proposals outlined in the interim budget or make revisions based on its own priorities and policies.