Nirmala Sitaraman To Present The Interim Budget Today (image-pib.gov.in)

Union Finance Minister Nirmala Sitaraman will present the Narendra Modi government 2.0’s last Budget today ahead of the Lok Sabha election. The Budget presented will be interim in nature. The comprehensive Budget for the financial year 2024-25 will be presented after the formation of the new government.

This Budget will mark the sixth consecutive budget presented by the union minister Nirmala Sitharaman. The new government elected will present the full Budget in July.

The interim Budget outlines the expenditure and revenues until the formation of a new government as it helps the government to manage its financial obligations. Sitharaman’s Budget speech is likely to showcase the achievements of the Modi government and the Budget is likely to consist of a mix of measures for the economy and electorally significant sections like farmers and women.

The Budget session began with the Presidential address to the joint sitting of both the Houses. Ahead of the session, the government held an all-party meeting on Tuesday, in which Parliamentary Affairs Minister Pralhad Joshi said that the finance minister will also present the budget of Jammu and Kashmir, which is under Presidential rule now, reports the Economic Times.

As it is the interim Budget, major policy changes or big announcements may not be made. However, salaried taxpayers are expecting a change in income tax slabs, a higher standard deduction limit, and a hike in exemptions under Sections 80C and 80D. Micro, Small and Medium Enterprises (MSMEs) expect that the government will bring in policies to ease regulatory procedures, reduce compliance burdens, and provide greater access to loans, reports NDTV.

The main agenda of the session, which will conclude on February 9 includes a Presidential address, presentation of the interim Budget, and debate on the Motion of Thanks on the President’s address, with a reply by Prime Minister Narendra Modi.

The government has also requested for the revocation of suspensions for MPs ahead of Parliament’s Budget session.

Affairs Minister Pralhad Joshi said that he has spoken with the Lok Sabha speaker and Rajya speaker Chairman, and has requested them on behalf of the government to revoke all suspension.

Meanwhile, Congress party leader K Suresh said that the party will raise the issue of unemployment, high inflation, agrarian distress, and ethnic violence in Manipur, during the session.