Interim Budget 2024: Nirmala Sitharaman set to break Manmohan Singh's record

By Team Asianet Newsable | First Published Jan 27, 2024, 12:03 PM IST

Interim Budget 2024: Finance Minister Nirmala Sitharaman is set to make history by presenting her sixth consecutive budget on February 1, matching the record set by former Prime Minister Morarji Desai.

Finance Minister Nirmala Sitharaman is poised to enter the annals of Indian budget history when she presents her sixth consecutive budget on February 1, a feat matching the record set by former Prime Minister Morarji Desai.

Budget 2024: 7 terms to know ahead of FM Sitharaman's announcements

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As the first full-time woman finance minister in India, Sitharaman has already presented five complete budgets since assuming office in July 2019. Her upcoming budget presentation is anticipated to be an interim or vote-on-account budget, surpassing the records of notable predecessors, including Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha, who each presented five consecutive budgets.

Morarji Desai, during his tenure as finance minister, presented five annual budgets and one interim budget between 1959 and 1964. Sitharaman's forthcoming interim budget for the fiscal year 2024-25 will be a vote-on-account, authorizing government expenditure until the formation of a new government following the upcoming general elections in April-May.

Given the proximity to the elections, Sitharaman's interim budget is not expected to introduce significant policy changes. During a recent industry event, she ruled out any "spectacular announcement," highlighting its nature as primarily a vote-on-account preceding the general elections.

A vote-on-account, once approved by Parliament, enables the government to withdraw funds from the Consolidated Fund of India on a pro-rata basis to meet expenses from April to July.

The new government, anticipated to form around June, will subsequently present the final budget for 2024-25 in July. Although interim budgets typically refrain from major policy announcements, the government retains flexibility to address urgent economic issues.

Sitharaman's tenure as finance minister began after the 2019 general elections, making her the second woman to present the budget after Indira Gandhi. She has steered policy measures to navigate challenges posed by the Covid-19 pandemic, ensuring India's status as the fastest-growing major economy.

With India aspiring to reach a USD 5 trillion economy by 2027-28 and a USD 30 trillion economy by 2047, Sitharaman is expected to concentrate on measures to boost the rural sector. Immediate fiscal needs and groundwork for future economic growth are anticipated themes in the budget, with major announcements possibly deferred until after the 2024 Lok Sabha elections.

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