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Budget 2024 Updates: Govt brought down inflation from double digits to 4%, says President Murmu
The 2024 vote-on-account budget is set at the backdrop of India’s economic resilience and global instability. This interim budget will allow the centre to meet short term expenditure needs until a new government takes over charge of the economy. Finance Minister Nirmala Sitharaman is all set to present her sixth and this government’s final budget for the fiscal year 2024-25 before the nation enters into the election cycle. Given the interim nature of the budget, Sitharaman has ruled out any major policy changes. President Draupadi Murmu will begin the budget session with her address today. This Session will conclude on February 9, after both Lok Sabha and Rajya Sabha take up discussions on the motion of thanks to the President’s address. Ahead of the commencement of the session, PM Narendra Modi addressed the nation saying, “At the end of the first session that was convened in this new Parliament building, the Parliament took a graceful decision – Nari Shakti Vandan Adhiniyam. After that, on 26th Jan we saw how the country experienced the capability of Nari Shakti, its valour, the strength of its resolve. Today, when the budget session begins, President Drouapdi Murmu’s guidance and tomorrow when Nirmala Sitharaman presents the interim budget – in a way this is a festival of the Nari Shakti.” The center conducted an all-party meet on Tuesday ahead of the commencement of the budget session on January 31. Prahalad Joshi, Minister of Parliamentary Affairs, met with floor leaders of political parties at Parliament Library building. The vote-on-account budget is set at the backdrop of India’s economic resilience and global instability. The interim budget allows the government to meet short term expenditure needs until a new government takes over charge of the charge. This budget will also prepare groundwork for further policy reform. A full-fledged budget will be presented in July after the new government comes into power. In a recently released economic review, the Ministry of Finance expect Indian GDP to expand at 7 per cent rate for FY 2023-24. This is slightly lower than earlier expectations. Sitharaman’s budget announcement is coming at the week set to witness the US Federal Reserve interest rate decision. America’s central bank will commence its two-day meeting on Tuesday to decide on a rate decision. Analysts expect the US Fed to keep rates unchanged as the world’s largest economy witnesses cooling inflation. Source - Indian Express
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