Finance Minister Nirmala Sitharaman to present interim budget today
Union Finance Minister Nirmala Sitharaman will present the Union Interim Budget 2024-25 in the Parliament on Thursday. The interim budget is poised to offer insights into the government's expenditure, revenue, fiscal deficit, financial performance, and forthcoming projections. The full budget is scheduled to be presented after the Lok Sabha elections by the newly elected government. Here are some highlights and expectations from the upcoming budget announcement.
Balancing act amid election year and fiscal deficit concerns
Sitharaman and the Bharatiya Janata Party (BJP) face the challenge of balancing the needs of different groups during an election year while maintaining fiscal responsibility. Prime Minister Narendra Modi is confident in securing a third consecutive victory, asserting that a BJP-led government will present the full budget after the Lok Sabha elections. Being an interim budget, major policy changes or big announcements might not be made.
Key expectations from the interim budget
Salaried taxpayers are hoping for adjustments to income tax brackets, an increased standard deduction limit, and raised exemptions under Sections 80C and 80D. These sections in the Income Tax Act provide provisions for taxpayers to save on taxes by investing in specified financial instruments or paying for certain expenses such as insurance premiums and medical expenses. Meanwhile, Micro, Small, and Medium Enterprises (MSMEs) anticipate the introduction of policies to streamline regulatory procedures, decrease compliance burdens, and improve access to loans.
Sitharaman set to present her sixth consecutive budget
Sitharaman is set to present her sixth consecutive budget, matching the record set by former Prime Minister Morarji Desai. Desai, during his tenure as finance minister, delivered five annual budgets and one interim budget from 1959 to 1964. Sitharaman also holds the record for the longest budget speech, lasting two hours and 42 minutes, which she delivered in 2020.
Watch: Preparations underway for Budget Session
Where to watch Sitharaman's speech?
Sitharaman's budget speech will be telecast live on the official channel of Parliament Sansad TV and Doordarshan. The Interim Budget 2024 can be accessed in a "paperless form" through the Union Budget Mobile App. The bilingual app, available in English and Hindi, can be downloaded on Android, iOS, or from the Union Budget web portal (www.indiabudget.gov.in). The budget documents will be available on the mobile app following the conclusion of the budget speech.
