In the 15 Union Budget presentation days of the Narendra Modi government since it came to power in 2014, the BSE benchmark Sensex has ended in negative territory eight times.
Finance Minister Nirmala Sitharaman on Sunday makes history as she presents a record ninth consecutive Budget that is expected to unveil measures to sustain growth momentum, maintain fiscal discipline, and contain reforms that could buffer the economy from global trade frictions, including US tariffs.
Union Finance Minister Nirmala Sitharaman is well-known for donning saris that speak as powerfully as her budget speech. Each Budget Day, she selects a drape that pays tribute to India's amazing textile heritage and the mastery of its artisans.
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
If the Budget makes no big announcements on new schemes, projects, or tax giveaways, the government would face a major political dilemma as it may have to reluctantly consider shunning the practice of unveiling pre-election sops to woo voters, notes A K Bhattacharya.
Benchmark equity indices climbed nearly 1 per cent on Wednesday on buying in HDFC Bank and Reliance Industries. Investors are eyeing the two important events lined up ahead -- the interim budget and the US Fed interest rate decision -- to derive further cues from. Recovering all the early lost ground, the 30-share BSE Sensex jumped 612.21 points or 0.86 per cent to settle at 71,752.11.
Pre-Budget excercise next month should scrupulously avoid adventurism of all types and refrain from making excessively ambitious projections on revenue and expenditure numbers for 2023-24, suggests A K Bhattacharya.
The rising goods and services tax (GST) and personal income-tax collections may bolster the Narendra Modi government's ability to announce new schemes or enhance existing ones.
She has shown shrewdness, sensitivity, and courage. All of these will be needed in ample quantities for the real challenge that will emerge after the elections, notes Shreekant Sambrani.
Union Finance Minister Nirmala Sitharaman will present the Interim Budget on February 1 ahead of the Lok Sabha elections likely to be held in April-May.
To offer additional support at the low end of the income ranges, the Centre will consider a large-scale jump in exemption rates under the old income-tax regime in the vote on account, or interim Budget, according to a senior official in the know. Those will include an extension of the income tax exemption rates close to Rs 7 lakh and additional measures for women farmers.
The Halwa ceremony, marking the final stage of the budget preparation process for Interim Union Budget 2024, was held in North Block on Wednesday in the presence of Union Finance Minister Nirmala Sitharaman. Union Minister of State for Finance Dr Bhagwat Kisanrao Karad was also present. A customary halwa ceremony is performed every year before the "lock-in" process of Budget preparation begins.
General Budget is a terminology earlier used to differentiate between the Union Budget with the Railway Budget. Full-fledged budgets are titled "Union Budget", while interim Budgets are titled just that.
The finance minister is likely to announce the government's vision for a tax-friendly regime by raising the I-T exemption limit from the current Rs 250,000 per annum.
Prime Minister Manmohan Singh on Sunday approved the interim general budget which will be presented in the Lok Sabha by External Affairs Minister Pranab Mukherjee on Monday. Singh went through the interim budget related papers and after formally signing them, forwarded them to President Pratibha Patil, a Prime Minister's Office spokesman said."The Prime Minister also approved the interim budget speech," the spokesman added.
Dear Finance Minister, We don't expect magic, just a little understanding and some tax relief that feels like a real reward, not a bare minimum. A little extra fuel in our wallets could go a long way, pleads Vatsal Ramaiya
Finance Minister P Chidambaram presented the Interim Budget for 2014-15 on Monday.
Industry captains on Tuesday welcomed the Interim Budget saying it was consistent with the government's policy of achieving eight per cent growth target and creating a business-friendly environment in the country.
The presentation of the Interim Budget (General) for 2004-05 was delayed in the Lok Sabha on Tuesday after Congress and other Opposition parties raised certain objections to its introduction.
Opposition on Monday trashed the interim budget, terming it as a 'farewell budget' of a government which has 'lost' on all counts and has nothing to offer to the people.
Schemes like the Mukhyamantri Majhi Ladki Bahin Yojana strain fiscal resources amid rising unemployment and prices of food items.
There was no law that prevented the government from presenting a sixth full Budget, or something similar to it.
Here are some facts related to the Budget presentation in independent India.
Congress on Monday described the Interim Budget as "remarkable" while voicing confidence that its various allocations coupled with the government's performance would help the party hop back to power in the next Lok Sabha elections.
External Affairs Minister Pranab Mukherjee, who is also managing the finance ministry, presented the Interim Budget for 2009-10 in Parliament on Monday. Following is the text of the entire Budget Speech:
Sitharaman, India's first full-time woman Finance Minister, broke away from the colonial tradition of carrying a Budget briefcase in July 2019, opting instead for a traditional 'bahi-khata', to carry the Union Budget papers.
Finance Minister Nirmala Sitharaman on February 1 will present a record eighth consecutive budget that is expected to contain measures to shore up weakening economic growth and ease the burden on the middle class struggling with high prices and stagnant wage growth while being fiscally prudent.
The party whose government presents the Interim Budget does not return to power.
The government is expected to dole out some populist policies, especially for the rural / farm sector while presenting the interim budget, given that the country is heading towards general elections over the next few months.
FinMin has already sought inputs from different central ministries for the Budget speech, which would be the last Budget of the current BJP-led NDA government before the 2019 general polls.
Finance Minister P Chidambaram presented the Interim Budget for 2014-15 on Monday. Income Tax rates were kept unchanged.
India Inc on Monday gave a thumbs down to the Interim Budget 2009-10, proposed by Finance Minister Pranab Mukherjee, saying it is a non-event and more of a political statement.
The budget will empower the poor, give a boost to the farmer and an impetus to the economic growth, the PM said.
Alloting more funds for MNREGA and PM-KISAN could wipe out the entire additional money that the Centre may have for FY25.
Regardless of who forms the next government, the interim Budget speech lays down a must-do list.
The Budget is expected to make some key announcements, including relief package for farmers, poor and sops for the middle-class.
Indian fintechs and associated entities are hoping that the Union Budget 2024 will provide a boost and empower firms to extend their reach beyond Tier-II regions, with an emphasis on supporting enterprises led by women. The fintech industry, which has witnessed regulatory reforms over the last year, expects the Budget, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, will further encourage financial inclusion, empower micro-small-medium enterprises (MSMEs) with lending solutions, and push for upskilling initiatives for the country's young workforce.
State BJP president Nitin Gadkari said the government has misguided people by referring to past achievements in the Budget speech. But the people would teach them a lesson in coming Lok Sabha polls, he said.
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