After Indian economist and Finance Minister Nirmala Sitharaman presented the Interim Budget for the fiscal year 2024–25, Congress MP Manish Tewari reacted sharply, calling it a “vote-on-account” whose sole purpose is to keep the government solvent for the first quarter of the current fiscal year.
Following the release of the 2024–25 budget, Congress MP Tewari told ANI, “It is a ‘vote-on-account’ which has only one purpose to keep the government solvent for the first quarter of the current fiscal year.”
The Congress politician also voiced worries about the large budget deficit, stating, “The fact that the budget deficit is Rs 18 lakh crores is concerning.” This indicates that the government is taking out loans to pay for its expenses. Next year, this number is only expected to rise.”
When a government’s entire expenses within a given period, such as a fiscal year, exceed its total receipts, the situation is commonly referred to as a budget deficit. It suggests that the government is overspending relative to its receipts from various sources.
Article 116 of the Indian Constitution has a provision known as “Vote on Account,” which gives the government the authority to take money out of the Consolidated Fund of India for a short time—usually a few months—in order to pay its spending obligations.
Congressman Shashi Tharoor added that there was little solid information regarding implementation in the Interim Budget 2024–25, which was presented in rhetorical terms.
“It was among the briefest addresses in the Budget history. Not much was produced by it. As usual, there is a great deal of rhetorical jargon but very little actual application. The Finance Minister discussed foreign investment, but he failed to mention that it has decreased dramatically, Tharoor told ANI.
She discussed a lot of topics that are couched in nebulous terms, such as “hope” and “confidence,” among others. However, there aren’t many hard data points accessible. The Congress leader continued, “This is going to be a very disappointing speech in that it is going to be couched entirely in generalities and lack substance as well as any willingness to address the specific problems of the economy.”
Harsimrat Kaur Badal, a member of the Shiromani Akali Dal, stated, “This budget was hollow.” Nothing was available for farmers, women, or young people.When they stated they would offer the budget in July, I sensed conceit. No election may be taken for granted. However, Dayanidhi Maran, a DMK MP, stated that the budget received a zero for delivery.
“The Finance Minister was slow to offer compliments, but none were given. A white paper about the former administration will be presented by them. In the past ten years, not much has transpired. The nation’s citizens are already dissatisfied. Furthermore, you get to understand that the bridge firms receive performance rewards rather than the worthy individuals. People who use this budget are turned away.” Maran
The budget, according to recently elected AAP Rajya Sabha MP Swati Maliwal, was unsatisfactory.
“This budget is disappointing. The nation is experiencing its highest levels of unemployment and inflation, but the budget makes no mention of these issues.For the average person, this budget is unsatisfactory,” the AAP MP remarked. However, BJP MP Ravi Shankar Prasad retaliated against the opposition, claiming that India had moved from the Fragile 5 to the Top 5 economies in the world.
“This interim budget is historical and incredibly successful. It highlights past accomplishments as well as a promising future. In July, we will unveil the entire budget. There is now a greater number of taxpayers. They trust the government to ensure that their funds are not misappropriated. In just ten years, India’s economy went from being among the “Fragile 5” to being among the “Top 5” in the world, according to Ravi Shankar Prasad.
Presenting the Interim Budget 2024 on Thursday, Union Finance Minister Nirmala Sitharaman expressed hope that the Central government’s good policies and efforts will enable the BJP to win back power for a third time in a row.
“Our young country has high aspirations, pride in its present and hope and confidence for a bright future,” the Union Finance Minister said in her budget statement to the Lok Sabha. We anticipate that the people will once more bestow upon our government a resounding mandate in light of its tremendous efforts.”
Key topics covered by FM Sitharaman in her speech included young power, infrastructure, green growth, inclusive development, and the financial sector. Sitharaman stated that the government plans to raise capital spending outlays by 11.1% to Rs 11.11 lakh crore in 2024–25 ahead of the general elections.
FM Additionally, according to Sitharaman, 78 lakh street merchants nationwide are now eligible for loan assistance through PM SVANIDHI, a flagship program that focuses on street vendors. FM Sitharaman set the budget deficit target for 2024–2025 at 5.1% of GDP when he presented the Union Budget 2023.
As anticipated and to the public’ relief, the central government did not make any changes to or increase the tax burden on citizens in the 2024–25 interim budget that Union Finance Minister Nirmala Sitharaman presented.
FM In her interim budget statement, Sitharaman stated that the government will support girls between the ages of 9 and 14 receiving vaccinations to prevent cervical cancer.
The Finance Minister emphasized, among other things, that Prime Minister Narendra Modi and the BJP-led Central government prioritize the four main castes of Garib (the Poor), Mahilayen (the Women), Yuva (the Youth), and Annadata (the Farmer).
The Interim Budget, which Finance Minister Nirmala Sitharaman presented to Parliament on Thursday, was dubbed “inclusive and innovative” by Prime Minister Narendra Modi. In his initial post-budget address, Prime Minister Modi stated that the Interim Budget strengthens Viksit Bharat’s four foundations. (ANI)
