Union Finance Minister Nirmala Sithraman presented the interim budget of 2024 before the Lok Sabha, months before the upcoming General elections. This also marks the final budget of PM Modi’s second term in office.
As people awaited changes in the income tax slabs, the Interim budget entailed that there would be no changes in the current tax rates.
While highlighting the good condition of the Bhartiya Economy, Sitharaman refrained from making the speech lengthy and did not make any specific mention of how exactly the prices of goods and services will be affected by the budget. Sitharaman’s speech reflected that the government is working diligently on making the Bharat developed by 2047.
Finance Minister Nirmala Sitharaman announced on Thursday that the government intends to borrow a gross sum of Rs 14.13 lakh crore in the fiscal year commencing April 1, a decrease from the current fiscal year’s borrowing of Rs 15.43 lakh crore
The interim budget was welcomed by the Industry sector, with Boost to EVs and skill development. Deloitte Asia Pacific Partner Rajeev Singh was positive about the growth the sector witnessed in the past few years. He said that the lack of charging infrastructure was perceived by consumers as a major hindrance. Improvement in charging infrastructure will aid in driving consumption.
Focus on Outcomes, not Outlays
While presenting the budget Sithraman said the incumbent government focuses on Outcomes not outlays, in line with which she said that the minimum support prices for ‘Annadatas’ (ie. farmers) have been increased periodically. She also said that the government is focused on addressing systemic inequalities. Poor, women, youth and farmers are four castes for the government,” Sitharaman remarked.
Comments