All set for the final Budget 2024, last under PM Modi’s second term

The interim budget will be presented by Union Finance Minister Nirmala Sitharaman on Thursday, just before the nation heads into the Lok Sabha elections later this year. In the second term of the Modi government, this will be her sixth budget in her role as Finance Minister. Until a government is formed following the Lok Sabha elections, the interim budget will meet the financial needs of the transitional period. The incoming administration will present a complete budget. President Droupadi Murmu addressed the joint Lok Sabha and Rajya Sabha session on Wednesday to kick off the Budget Session of Parliament.

The President stated in her speech that 2023 was a historic year for the nation and that, among other things, the nation maintained its position as the major economy with the fastest rate of growth.

“The year 2023 was a historic year for India when it grew the fastest among major economies despite the global crisis. India grew about 7.5 per cent for two consecutive quarters,” she said.

There will be eight sittings over ten days in the final session before the Lok Sabha elections, which are anticipated to take place in April or May of this year. In an all-party meeting the day before the session was scheduled to begin, Parliamentary Affairs Minister Pralhad Joshi stated that the primary focus of the budget session would be on financial matters concerning the interim union budget for 2024–25 and the debate of the Motion of Thanks on the President’s Address.

However, essential legislative and other business may also be taken up during this session. The all-party meeting was attended by 45 leaders from 30 political parties.
In addition, he also informed that Supplementary Demands for Grants for 2023-24 in respect of the Union Government will be discussed. The presentation and discussion on the Interim Budget of the Union Territory of Jammu and Kashmir for 2024-25 along with Supplementary Demands for Grants of Union Territory of Jammu and Kashmir for the financial year 2023-24 will also be taken up and voted.

State of the Economy:

The Ministry of Finance released a review report in which it predicted that the Indian economy would grow by nearly 7% in the fiscal year 2024–25, which begins in April. The economy has grown at a rate of more than 7% over the past few years thanks to the strength of domestic demand. India’s economy expanded by 7.2% in 2022–2023 and 8.7% in 2021–2022. For the current fiscal year 2023–2024, the Indian economy is predicted to expand by 7.3%, continuing to be the fastest-growing major economy.