Budget 2024: A look at India's interim financial outlook
Indian Finance Minister Nirmala Sitharaman speaks during a side event on the G20
As the clock ticks down, India anticipates the unveiling of the Modi government's interim budget, a pivotal financial roadmap that Finance Minister Nirmala Sitharaman is set to present just before the country heads to polls in April-May. The interim budget, a parliamentary practice in India, is expected to offer insights into the government's financial priorities, with a full-fledged budget scheduled post-elections in July.
India's unveiling of interim budget before elections
In a few hours, Finance Minister Nirmala Sitharaman will present the final budget of Narendra Modi Government 2.0, providing a comprehensive outlook before India enters the electoral arena. This interim budget, in effect from April 1 at the start of the financial year until the presentation of the new budget, is a crucial precursor to the full budget that will shape India's economic trajectory.
While Sitharaman has hinted at no major announcements in this interim budget, it is expected to draw attention to balancing the fiscal deficit and investments in significant projects. India, the bright spot in the global economy, is set to lower its budget deficit by at least 0.5 percentage points in 2024-25, coupled with a potential 20 per cent increase in capital spending, predominantly in infrastructure.
Global watch on India's economic landscape
Despite the interim nature of the budget, the world is keenly watching India's financial moves. With the country growing at over 7 per cent, India stands out in the global economic arena. Setting its sights on becoming a $7 trillion economy by 2030, India's strong macroeconomic fundamentals attract global attention.
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Given the upcoming elections, the government is likely to focus on key constituencies – farmers, women, and the poor. There are expectations of doubling the annual payout to landowning female farmers, a significant vote bank. The extension of the free food grains program for the next five years and the flagship federal housing scheme for low-cost loans might also be on the cards.
Anticipated fiscal moves and social programs
In terms of fiscal moves, India aims to balance the books while stimulating growth. The interim budget could be a delicate dance between fiscal prudence and strategic investments. As the budget unfolds, it is expected to offer insights into the government's vision for India's economic future.