Union Budget 2024: Finance Minister Nirmala Sitharaman has achieved a milestone by delivering her sixth consecutive budget presentation on February 01, encompassing five annual budgets and one interim budget. This accomplishment mirrors the historic feat of former Prime Minister Morarji Desai.
Budget 2024 Date
By presenting the interim Budget on February 1, Sitharaman surpassed the records of her predecessors like Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha, who had presented five budgets in a row. Desai, as Finance Minister, had presented five annual Budgets and one interim Budget between 1959-1964.
After the Modi government came to power in 2014, Arun Jaitley took charge of the finance ministry and presented five Budgets in a row from 2014-15 to 2018-19.
It was in 2017, that Jaitley departed from the colonial-era tradition of presenting Budget on the last working day of February to 1st of the month.
Piyush Goyal, who was holding the additional charge of the ministry due to the ill health of Jaitley, presented the interim Budget for 2019-20 on February 1, 2019. Goyal had hiked standard deduction for salaried taxpayers by Rs 10,000 to Rs 50,000. Also, the tax rebate for taxpayers whose annual taxable income did not exceed Rs 5 lakh was increased from Rs 2,500 to Rs 12,500.
After the 2019 general elections, in the Modi 2.0 Government, Sitharaman was given the charge of the finance portfolio. She became the second woman to have presented a Budget after Indira Gandhi, who had presented the Budget for financial year 1970-71.
That year, Sitharaman did away with the traditional budget briefcase and instead went for a ‘bahi-khata’ with the National Emblem to carry the speech and other documents.
Under Sitharaman, India has weathered the Covid pandemic with an array of policy measures announced for the poor and continued its tag of the fastest-growing major economy and a ‘bright spot’ in the world economy.
India is racing to become a USD 5 trillion economy by 2027-28 and a USD 30 trillion by 2047.
Former Prime Minister Morarji Desai who holds the tag of presenting 10 Budgets — the maximum by any finance minister — had presented six of them, including one interim, in a row.
The first Budget of Independent India was presented by the first finance minister R K Shanmukham Chetty.
Interim Budget 2024
The interim Budget 2024-25 presented by Sitharaman, was a vote-on-account that will give the government authority to spend certain sums of money till a new government comes to office after the April-May general elections.
As the Parliamentary elections are due, Sitharaman’s interim budget did not contain any major policy changes.
Speaking at an industry event last month, Sitharaman had ruled out any “spectacular announcement” in the interim Budget, saying it would just be a vote-on-account before the general elections.
A vote-on-account, once approved by Parliament, will authorise the government to withdraw money from the Consolidated Fund of India on pro-rata basis to meet expenditure for the April-July period.
The new government, which is likely to be formed around June, will come up with a final Budget for 2024-25 sometime in July.
Usually, interim Budgets do not contain major policy announcements, but nothing stops the government from taking steps that are necessary to deal with the urgent issues facing the economy.
In the last interim budget for FY 2019-20, while the overall tax structure remained unchanged, there were certain specific tax rebates and standard deduction concessions.
(With PTI inputs)
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