The Interim Budget of India 2024 was a financial statement presented by the Government of India in the Parliament of India, outlining its revenue and expenditure plans for the interim period until a full budget could be presented by the newly elected government. Interim budgets are typically presented when general elections are scheduled close to the end of the financial year, and a new government is expected to take office shortly after the elections.
Presentation:
The Interim Budget of India 2024 was presented by the Acting Finance Minister of India in the Lok Sabha (House of the People). As an interim measure, the budget provided an overview of the government's fiscal position, revenue projections, expenditure allocations, and policy announcements for the remaining months of the fiscal year 2023-2024.
Key Highlights:
Economic Outlook: The Interim Budget provided an assessment of the prevailing economic conditions, including growth prospects, inflation trends, employment situation, and external sector dynamics.
Fiscal Targets: The budget outlined the government's fiscal targets and priorities for the interim period, including revenue collection targets, expenditure allocations, and debt management strategies.
Sectoral Allocations: Funds were allocated to various sectors of the economy, including agriculture, education, healthcare, infrastructure, defense, and social welfare programs, based on the government's interim priorities and commitments.
Policy Initiatives: The Interim Budget announced interim policy initiatives aimed at addressing immediate challenges and promoting economic stability and growth during the interim period. These initiatives may have included measures to stimulate demand, support sectors affected by the COVID-19 pandemic, and ensure continuity in government programs and services.
Taxation: While significant changes to the tax structure and rates are typically avoided in interim budgets, the government may announce interim measures to address urgent tax-related issues or provide relief to taxpayers.
Impact and Reactions:
The Interim Budget of India 2024 had implications for various stakeholders, including citizens, businesses, investors, and policymakers. Its effectiveness in addressing immediate challenges, maintaining fiscal stability, and providing continuity in government operations was assessed during the interim period.
Conclusion:
The Interim Budget of India 2024 served as a temporary financial roadmap for the government during the transition period between administrations. While it provided interim relief and guidance, the full budget presented by the newly elected government would ultimately determine the long-term fiscal and economic policies of the country.
