New Delhi: The Union Budget to be presented on February 1 next year will be a vote-on-account only and there will be no “spectacular announcements” as expected, Finance Minister Nirmala Sitharaman Said on Thursday.
General elections are likely to be held during April-May next year and the new government that takes charge will present the full budget in July.
“I am not a spoiler, but it is true that the budget that will be announced on February 1, 2024, will be just vote on account because we will be in election mode. The budget that the government will present will be to meet the expenses of the government till the new government comes in,” the Finance Minister said in response to a question.
“No great announcements Come at that time (to the Vote on Account). Therefore, you will have to wait until the new government comes in and presents the next full budget in July 2024,” the FM said.
Piyush Goyal, who was given the charge of the Finance Ministry due to the illness of the then Finance Minister Arun Jaitley, presented the interim budget for 2019-20. The launch of “Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)” was announced in the interim budget. Goyal, in his budget speech, had said that under this programme, direct income support at the rate of Rs 6,000 per annum will be provided to vulnerable landholding farmer families with cultivable land up to 2 hectares.
It was also announced in the interim budget that individual taxpayers with taxable annual income up to Rs 5 lakh will get full tax exemption and hence will not be required to pay any income tax.
“This income support will be transferred directly to the bank accounts of beneficiary farmers in three equal installments of Rs 2,000 each. This program will be funded by the Government of India. This is expected to benefit about 12 crore small and marginal farmer families,” Goyal had said in his speech.
Earlier speaking at the Global Economic Policy Forum organized by the Confederation of Indian Industry (CII), Sitharaman Called for inclusion in the development agenda and said issues of the Global South need to be addressed. Emphasizing the importance of base energy, the Finance Minister said that at present, base energy cannot be completely replaced by renewable energy. “Transition energy is one big challenge, while the pace of greening ourselves is another challenge,” he said.
Nevertheless, India is moving rapidly in the field of renewable energy, especially solar energy, through favorable policies, and the International Solar Alliance is a major initiative on grid connectivity, the FM said. He advocated a globally connected grid that would harvest solar energy from anywhere in the world. The Global Biofuels Alliance is another area where work is underway.
General elections are likely to be held during April-May next year and the new government that takes charge will present the full budget in July.
“I am not a spoiler, but it is true that the budget that will be announced on February 1, 2024, will be just vote on account because we will be in election mode. The budget that the government will present will be to meet the expenses of the government till the new government comes in,” the Finance Minister said in response to a question.
“No great announcements Come at that time (to the Vote on Account). Therefore, you will have to wait until the new government comes in and presents the next full budget in July 2024,” the FM said.
Piyush Goyal, who was given the charge of the Finance Ministry due to the illness of the then Finance Minister Arun Jaitley, presented the interim budget for 2019-20. The launch of “Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)” was announced in the interim budget. Goyal, in his budget speech, had said that under this programme, direct income support at the rate of Rs 6,000 per annum will be provided to vulnerable landholding farmer families with cultivable land up to 2 hectares.
It was also announced in the interim budget that individual taxpayers with taxable annual income up to Rs 5 lakh will get full tax exemption and hence will not be required to pay any income tax.
“This income support will be transferred directly to the bank accounts of beneficiary farmers in three equal installments of Rs 2,000 each. This program will be funded by the Government of India. This is expected to benefit about 12 crore small and marginal farmer families,” Goyal had said in his speech.
Earlier speaking at the Global Economic Policy Forum organized by the Confederation of Indian Industry (CII), Sitharaman Called for inclusion in the development agenda and said issues of the Global South need to be addressed. Emphasizing the importance of base energy, the Finance Minister said that at present, base energy cannot be completely replaced by renewable energy. “Transition energy is one big challenge, while the pace of greening ourselves is another challenge,” he said.
Nevertheless, India is moving rapidly in the field of renewable energy, especially solar energy, through favorable policies, and the International Solar Alliance is a major initiative on grid connectivity, the FM said. He advocated a globally connected grid that would harvest solar energy from anywhere in the world. The Global Biofuels Alliance is another area where work is underway.