Budget 2024: Government to “follow tradition” in the interim Budget

PM Modi today stated that the government will “follow tradition” in the interim budget.

“Traditionally, when elections are imminent, the complete budget is not presented. We will adhere to this tradition and present the full budget after the formation of the new government. This time, the country’s Finance Minister, Nirmala Ji, will be presenting her budget tomorrow with some guiding points,” Modi said in his customary remarks before the beginning of the last session of the 17th Lok Sabha while greeting media persons with ‘Ram-Ram’.

According to tradition, the government is expected to avoid making significant policy announcements in the interim budget before the election. Nevertheless, there are no regulations preventing the government from doing so. Typically, it is often mentioned that when a government holds a complete majority, enjoys the trust of the legislative body, and an election hasn't been declared, it is permissible for the government to utilize the interim budget for declaring its policy initiatives. In the past two temporary budgets, there have been significant declarations including the introduction of PM Kisan Samman Nidhi, an increase in the standard deduction, and a reduction in taxes on automobiles and electronic goods.

Expressing confidence about people’s support for the ruling BJP-led NDA in the elections, he said, “I am of the firm belief that the country is moving forward and touching new heights of progress ... the country is experiencing all-round and all-inclusive development. This journey will go on continuously with people’s blessings.” Modi said President Droupadi Murmu, addressing a joint sitting of lawmakers and Finance Minister Nirmala Sitharaman presenting the budget on Thursday, is, in a way, a festival of women’s power.

The republic day parade witnessed the showcase of women’s power, as well as the first session of Parliament in its new building recorded the passage of women’s reservation bill, he said in reference to a host of developments under his government to boost women’s participation in different sectors.