INTERIM BUDGET 2024-2025 (Part-1)

• Budget (Annual financial statement) - Statement of the estimated receipts and expenditure of the Government of India for a specific financial year according to Article 112 of the Indian Constitution.

Article 112 - The President shall in respect of every financial year cause to be laid before both the Houses of Parliament a statement of the estimated receipts and expenditure of the Government of India

• Interim budget – Short term financial statement that allows for the smooth functioning of the government until a new administration can present a full budget for the entire fiscal year.
• It is presented by the outgoing government ahead of the Lok Sabha polls in the Budget session.
• There is no constitutional provision for an interim budget.
• The interim Budget includes estimates for government expenditure, revenue, fiscal deficit, and financial performance for a few months, but cannot include major policy announcements.
• Vote on Account - It allows the Lower House to make any grant in advance for the estimated expenditure for part of any financial year by voting and passing such a legislation (Article 116).
• It is valid only for 2 months and can be extended up to 4 months.

PART- A

• Goal - To make India a ‘Viksit Bharat’ by 2047 (Prosperous Bharat in harmony with nature, with modern infrastructure, and providing opportunities for all citizens and all regions to reach their potential)
• The trinity of demography, democracy and diversity backed by ‘Sabka Prayas’ has the potential to fulfill aspirations of every Indian.
• Guided by the principle ‘Reform, Perform, and Transform’, the Government will take up next generation reforms.
• Moving forward towards the goal of 100 years of independence, 'Amrit Kaal' has been named as 'Kartavya Kaal'.
• Focus – ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and  ‘Annadata’ (Farmer)

Major achievements

• Promotion of Digital Public Infrastructure – Formalised the economy 
• Goods and Services Tax - Enabled One Nation, One Market, One Tax
• GIFT IFSC and the unified regulatory authority, IFSCA - Created a robust gateway for global capital and financial services
• Despite the challenges due to COVID, the government is close to achieving the target of 3 crore houses in implementing the PM Awas Yojana (Grameen).
• With the pursuit of ‘Sabka ka Saath’ in these 10 years, the Government has assisted 25 crore people to get freedom from multi-dimensional poverty.
• Rooftop solarisation - Through rooftop solarization, 1 crore households will be enabled to obtain up to 300 units free electricity every month.

Global Context

• India assumed the G20 Presidency on the 1^st of December 2022 from Indonesia and convened the G20 Leaders' Summit for the first time in the country in 2023.
• The recently announced India-Middle East-Europe Economic Corridor is an economic game changer for India.

To know about Part-2, click here