With this budget, Nirmala Sitharaman would tie the record set by former PM Morarji Desai
GG News Bureau
New Delhi, 27th Jan. On February 1, Finance Minister Nirmala Sitharaman will tie the record set by former Prime Minister Morarji Desai by presenting her sixth straight budget.
Since July 2019, Sitharaman—India’s first full-time female finance minister—has unveiled five complete budgets. She is currently getting ready to unveil an interim or vote-on-account budget. Her achievements will eclipse those of her predecessors, who presented five consecutive budgets: Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha.
Between 1959 and 1964, Morarji Desai, the finance minister, issued five yearly budgets and one interim budget. Sitharaman will propose the impending interim budget for 2024–25, which will be a vote-on-account that permits the government to spend a specific amount of money until the approaching general elections in April and May create a new administration.
Major policy changes are not anticipated in Sitharaman’s interim budget, given the close proximity to the elections. At an industry gathering last month, Sitharaman made it clear that there would be no “spectacular announcement,” focusing instead on a vote-on-account prior to the general elections. Once authorised by Parliament, a vote-on-account permits the government to take out a pro-rata amount of money from the Consolidated Fund of India to cover its expenses for the April–July period. The final budget year 2024–25 will then be presented in July by the new administration, which is anticipated to be elected in June. While substantial policy announcements are generally absent from interim budgets, the government is nevertheless free to take immediate action on pressing economic concerns.
After the 2019 general elections, Sitharaman took office as finance minister, becoming only the second woman after Indira Gandhi to submit the budget. Under her leadership, India has managed to hold its status as the fastest-growing major economy while navigating the obstacles presented by the Covid-19 pandemic through the implementation of a number of legislative initiatives.
India wants its GDP to reach USD 5 trillion by 2027–2028 and USD 30 trillion by 2047. Sitharaman is anticipated to concentrate on initiatives to strengthen the rural economy, particularly given that the agriculture sector’s growth rate is anticipated to slow down in the current fiscal year. Major announcements may have to wait until after the Lok Sabha elections in 2024, but the budget is expected to take care of urgent budgetary issues and set the stage for future economic expansion.
