BUDGET
Finance Minister Sitharaman begins speech in Lok Sabha
This story was originally published at 12:04 IST on 23 July 2024
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NEW DELHI – Finance Minister Nirmala Sitharaman has started presenting the Union Budget for 2024-25 (Apr-Mar) in the Lok Sabha.
The Budget, the seventh to be presented by Sitharaman, including the Interim Budget in February, is expected to continue to focus on fiscal consolidation. According to an Informist poll, the government is likely to lower the fiscal deficit target to 5.0% of GDP from 5.1% projected in the Interim Budget.
The government is expected to continue its focus on capital expenditure while also announcing measures to boost consumption demand in the economy, including tax sops, and policies to boost employment generation.
The government presented an Interim Budget in February as there was a General Election this year. In an Interim Budget, a Vote on Account is passed for a part of the fiscal year, pending the passage of the regular Budget. This process typically ensures that the outgoing government does not make any big policy or tax changes that could influence voters.
Prime Minister Narendra Modi returned to power for a third consecutive term even as his Bharatiya Janata Party failed to secure a majority and is relying on allies to form the government. End
Reported by Shubham Rana
Edited by Vidhi Verma
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