Interim Budget 2024: FM Nirmala Sitharaman shines spotlight on how Modi govt is tackling poverty

As India gears up for the upcoming Lok Sabha elections, this interim budget holds significance as the last budget presentation by the current government. It provides a glimpse into the economic priorities and strategies that will shape the government's agenda in the months ahead.

Team Asianet Newsable

First Published Feb 1, 2024, 11:24 AM IST | Last Updated Feb 1, 2024, 11:24 AM IST

Union Finance Minister Nirmala Sitharaman on Thursday (February 1) presented the Interim Budget 2024, highlighting the economic accomplishments of the Modi government. In her address to Parliament, FM Sitharaman emphasized the positive transformation witnessed in the Indian economy over the last 10 years.

In her address, FM Sitharaman said, "Recently, based on the provision of basic necessities, real income in rural areas has increased. Addressing their economic needs could spur growth and generate jobs. Social justice is working with an approach to development that is all about automation and self-service."

Interim Budget 2024: FM Nirmala Sitharaman dons blue saree, poses with red tablet

Reflecting on the challenges faced when the government assumed office in 2014, she added, "With the blessings of the people, when our government, under the leadership of PM Narendra Modi, assumed office in 2014, the country was facing enormous challenges with Sabka Saath, Sabka Vikas as its mantra. The Government overcame those challenges in right earnest."

It's worth noting that Sitharaman holds the record for delivering the longest budget speech. During the 2020 Union Budget on February 1, she began her presentation at 11 am and continued until 1:40 pm, speaking for an impressive two hours and 42 minutes. Her speech was cut short due to health concerns, with Lok Sabha Speaker Om Birla completing the rest of the budget reading.

Despite being an interim budget with limited scope for major policy changes, expectations are high. Salaried taxpayers are hoping for changes in the income tax brackets, an increase in the standard deduction cap, and expansions of Section 80C and 80D exemptions.

Interim Budget 2024: Who holds the record for delivering longest budget speech?

The Prime Minister Narendra Modi-led administration is anticipated to implement policies that streamline regulatory procedures, reduce compliance obligations, and enhance loan accessibility for Micro, Small, and Medium-Sized Enterprises (MSMEs). The budget speech signifies a crucial moment for economic stakeholders eagerly awaiting the government's fiscal roadmap.

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