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The last sitting of the Lok Sabha for the current term begins on Wednesday with the Budget Session of Parliament. The meeting will begin with a joint address to the sitting by President Droupadi Murmu. To ensure a smooth process, the government has contacted opposition parties, seeking their cooperation.
The President's speech and the Interim Budget 2024, which Finance Minister Nirmala Sitharaman will deliver on February 1 at 11 AM, to which Prime Minister Narendra Modi will respond, are the primary items on the session's schedule. They are expected to offer insights into the ruling BJP's approach to the upcoming April–May Lok Sabha elections.
Further, This budget will just be a vote-on-account since it is an election year; a formal budget will be presented following the Lok Sabha elections in 2024.
"Concluding the inaugural session in this new Parliament building, the Parliament made a dignified decision - the Nari Shakti Vandan Adhiniyam," said Prime Minister Narendra Modi the day before the budget was presented. After that, on January 26th, we saw the nation witness the strength, bravery, and steadfast resolve of Nari Shakti.
Most Common Questions on Interim Budget 2024
Where to watch Budget 2024?
Sansad TV and Doordarshan will be airing Nirmala Sitharaman's budget address live on February 1. The Budget will also be streamed online by the Press Information Bureau (PIB) on its official website and YouTube channel.
About Union Budget mobile application
The Union Budget App provides "paperless form" access to the Budget 2024 papers.
The software makes it easier to access 14 Union Budget papers in a digital and environmentally friendly format, including the legally required Annual Financial Statement (AFS), Demands for Grants (DG), Financial Bill, etc.
With the push of a button, this effort seeks to make information about the Union Budget available to a wide range of stakeholders, including the general public.
What to expect from Interim Budget 2024?
Before this, FM Sitharaman hinted that the forthcoming Budget might not have any significant announcements. Reports from the media, however, have stated that there might be some welfare package announcements.
These include increasing the MGNREGS Scheme allocation, expanding the Ayushman Bharat program's scope, and raising PM-Kisan payouts from Rs 6,000 to Rs 9,000.
Additionally, a drive toward capital expenditure (capex) may occur.
"Expectations include tax relief measures and announcements to support agriculture and the rural sector while maintaining a focus on the capex push. This sector grappled with immediate challenges such as adverse weather conditions, the impact of climate change, and inflationary pressures," according to Gurmeet Singh Chawla, director at Master Capital Services Ltd.
"Government spending on capex is expected to increase to offset global growth concerns."
During an election year, the interim budget is viewed as a stop-gap financial plan meant to cover short-term expenses until a new government is elected. Only after the elections, which are scheduled for April and May, will the whole union budget be unveiled.
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