Finance Minister Nirmala Sitharaman presented the Interim Budget in the Lok Sabha today. In her Budget speech she spoke of the profound transformation undergone by the Indian economy over the past 10 years and asserted that citizens were looking forward to the future with optimism. Highlighting themes of Sabka Saath, Sabka Vikaas, and Atmanirbhar Bharat, Ms. Sitharaman sketched out the achievements of the current administration towards inclusive development, before laying out the measures that will tide India over for the first four fiscal months of 2024. (Since this is an election year, the Union Budget will only be presented in June-July, post the elections. )
Ms. Sitharaman noted that the government will continue on path of fiscal consolidation to reduce fiscal deficit to 4.5% in 2025-26. She announced that the capital expenditure outlay is being expanded to Rs. 11.1 lakh crore in the coming year. She did not propose any changes relating to taxation and said that the government proposes to maintain the same tax rates for direct and indirect taxes, including import duties.
Also read: Budget 2024 live updates
