Budget 2024: Nirmala Sitharaman is the first woman to present the budget after Indira Gandhi, this time she will create a new record.
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budget 2024: Finance Minister Nirmala Sitharaman (Nirmala Sitharaman) is going to present the country’s interim budget on February 1. She is the first woman Finance Minister to present the budget in Parliament after Indira Gandhi. As the country’s first full-time woman Finance Minister, Nirmala Sitharaman has presented the budget five times since July 2019. Along with this, she is going to present an interim budget for the first time before the elections. Till now, the Union Budget has been presented the maximum number of times in the country by Morarji Desai. She will equal the record held by former Prime Minister Morarji Desai of presenting five consecutive full budgets and one interim budget. With the presentation of the interim budget on February 1, she will leave behind the records of former finance ministers like Manmohan Singh, Arun Jaitley, P Chidambaram and Yashwant Sinha. These leaders had presented five consecutive budgets. As Finance Minister, Desai presented five annual budgets and one interim budget between 1959–1964. The interim budget for the financial year 2024-25 to be presented on February 1 will be voted on account. This will give the government the right to spend on certain items until the new government comes after the general elections in April-May. Since general elections are about to be held, there is no possibility of any major policy changes in Sitharaman’s interim budget.
There will be no big announcement
At an event last month, the Finance Minister had denied any ‘major announcement’ in the interim budget. He said that this would only be a vote on account before the general elections. After passing in the Parliament, the Vote on Account will allow the government to withdraw funds from the Consolidated Fund of the country to meet the expenditure for the April-July period. After the general elections, the new government is likely to be formed around June. In such a situation, the new government will bring the full budget for 2024-25 in July. Generally, the interim budget does not contain major policy announcements, but there is no bar on the government from taking such steps which are necessary to deal with the issues facing the economy. After the Modi government came to power in 2014, Arun Jaitley took charge of the Finance Ministry and presented five consecutive budgets from 2014–15 to 2018–19. In the year 2017, the government decided to present the budget on a date instead of the last working day of February. With this, the colonial era tradition of presenting the budget on 28 February was ended.
Indira Gandhi presented the budget for the year 1970-71
Piyush Goyal, who is holding additional charge of the ministry due to the ill health of Arun Jaitley, presented the interim budget on February 1, 2019. Piyush Goyal had increased the standard deduction for salaried taxpayers from Rs 10,000 to Rs 50,000. Also, the tax exemption for taxpayers whose annual taxable income does not exceed Rs 5 lakh was increased from Rs 2,500 to Rs 12,500. Modi government handed over the responsibility of Finance Department to Sitharaman in its second term after the 2019 general elections. She became the second woman after Indira Gandhi to present the budget. Indira Gandhi presented the budget for the financial year 1970-71. That year, Sitharaman did away with the traditional ‘briefcase’ used for budget documents and replaced it with a ‘bahi-khata’ bearing the national emblem. India is moving forward with the aim of becoming a $5 trillion economy by 2027-28 and a $30 trillion economy by 2047.
Morarji Desai presented the budget 10 times
Former Prime Minister Morarji Desai presented the budget maximum 10 times. This is the highest budget presented by any Finance Minister. He had presented budgets six times consecutively, including the interim budget. The first budget of independent India was presented by the first Finance Minister RK Shanmukham Chetty. Sitharaman, who is presenting her sixth budget, can take some measures to promote rural areas. One of the main reasons for this is that the growth rate of the agriculture sector is expected to decline from four percent to 1.8 percent in the financial year 2023-24.
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