Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present Interim Budget Today

Union Finance Minister Nirmala Sitharaman is going to present the Interim Budget today, ahead of the Lok Sabha elections in 2024, which would be the final budget of Prime Minister Narendra Modi’s second term. This is an interim budget, and the complete budget for financial year 2024-25 will not be issued until the next government is formed following the general elections.

The Interim Budget outlines expenditures and revenues until the formation of a new government, assisting the government in managing its financial obligations.

Ahead of the Interim Budget, President Droupadi Murmu emphasised that India has retained its status as the fastest-growing major economy, saying, “The year 2023 was a historic year for India, as it grew the quickest among major economies despite the global crisis. India’s growth rate was approximately 7.5% for two consecutive quarters.”

During an election year, the incumbent government cannot propose a complete budget. As a result, an interim budget, which covers the government’s expenses and earnings for a limited time, is submitted.

The Interim Budget comprises estimates for the government’s expenditure, revenue, fiscal deficit, financial performance, and expectations for the next few months.

Finance Minister Nirmala Sitharaman and her Budget team were seen at the North Block with paperless ‘bahi katha’ before presenting the budget to Parliament. Finance Minister Nirmala Sitharaman arrives at the Ministry of Finance ahead of the Interim Budget announcement.