Finance Minister Nirmala Sitharaman He is on the verge of getting his name written in the history books Presented its sixth consecutive budget (Five consecutive annual budgets and one interim budget), A unique achievement in Indian parliamentary history. Carrying forward her legacy of fiscal management, Sitharaman’s tenure coincides with that of former Prime Minister Morarji Desai, who previously held the finance portfolio during 1959–1964.
Prime Minister Morarji DesaiWho has the distinction of presenting 10 budgets – the most by any finance minister – he had presented six consecutive budgets, including an interim budget.
Interim Budget 2024-25: Prelude to elections
Sitharaman’s upcoming presentation 1 February 2024, marks the interim budget for the financial year 2024-25. This interim budget, commonly called vote-on-account, is important in authorizing government expenditure until the arrival of the new administration after the general elections in April-May.
Sitharaman’s interim budget in view of the impending general elections Anticipated to maintain continuity rather than introduce sweeping policy changes, Reiterating her sentiments expressed at a recent industry event, Sitharaman reaffirmed the procedural role of the interim budget as a vote-on-account, playing down expectations of unprecedented announcements.
Tradition and transition
Sitharaman’s tenure as Finance Minister has been characterized by a mix of tradition and innovation. In particular, his departure from traditional practices such as adopting ‘bahi-khata’ in lieu of the traditional briefcase for budget presentations marks a departure from the norm. Moreover, his acumen in handling economic challenges amid the COVID-19 pandemic underlines India’s resilience amid global uncertainties.
continuity and change
The economic trajectory of the Modi government, spanning successive budgets, reflects a mix of continuity and innovation. From Arun Jaitley’s tenure, from changes in budget presentation dates, to Piyush Goyal’s interim budget in 2019, which included significant tax reforms, each phase underlines the government’s adaptability to emerging economic scenarios.
path to economic revival
As India aspires to achieve ambitious economic milestones, Sitharaman’s budgetary focus is expected Give priority to sectors like agriculture, which are important to revive rural economies. In the backdrop of projections indicating a slowdown in agricultural growth, Sitharaman’s Budget assumes vital importance in charting a course for an inclusive and sustainable economic revival.
Budgetary Outlook Forecast
Industry experts familiar with the impending elections expect a Budget with emphasis on immediate fiscal imperatives rather than long-term reforms. Rakesh Nangia, Chairman, Nangia Andersen India, underlines the strategic imperative to balance short-term fiscal needs with sustainable economic objectives, laying the groundwork for the post-election economic trajectory.
Important questions related to exam
1. How many consecutive Union Budgets is Nirmala Sitharaman going to present?
2. Which Finance Minister had earlier presented six consecutive Union Budgets?
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