The Union Interim Budget 2024 was presented in Parliament. Here’s a summary of what’s in this year’s Budget from today’s edition of The Indian Express.
1. Yesterday’s Budget speech didn’t bring many surprises. Since this is an interim Budget, and the Lok Sabha elections are coming soon, Union Finance Minister Nirmala Sitharaman didn’t make any big changes or announcements. She mainly talked about the economic successes of the Modi government over the past ten years. She also hinted that the government will slowly reduce its involvement in the economy.
2. The government wants to keep the fiscal deficit at 5.8 percent of the Gross Domestic Product (GDP) instead of the 5.9 percent they planned for this financial year. They also aim to reduce the fiscal deficit to below 4.5 percent by 2025-26, relying on strong tax revenues.
3. In our opinion section today, Sajjad Z Chinoy writes about why the private sector should take more responsibility now: “The big cut in government spending in an election year is brave, necessary, and deserves praise. But now, we need to reduce spending without hurting growth.“
4. Even though the government expects good things from Indian companies, some concerns make them hesitate to invest and grow. We explain why the private sector is still cautious about taking on more investment.
5. After presenting the Interim Budget, Finance Minister Nirmala Sitharaman said it was based on the Modi Government’s performance in the last 10 years and the idea of inclusive development. We outline the important parts of her interview after the budget presentation.