Enough Of Big Bang Reforms? No Major Announcements In Next Budget, "Wait Till July 2024", Says Nirmala Sitharaman

Finance Minister Nirmala Sitharaman stated on Thursday (7 December) that the budget, which is set to be presented on 1 February 2024, will not contain any "spectacular announcement", NDTV reported.

"It is a matter of truth that budget will just be a vote on account because we will be in an election mode. So the budget that the government presents will just be to meet the expenditure of the government till a new government comes to play," she explained.

At the CII Global Economic Policy Forum, Sitharaman announced that the nation is gearing up for the Lok Sabha elections scheduled for the summer of 2024. Therefore, in accordance with the British tradition, the budget of 1 February is referred to as a vote on account.

Sitharaman stated that there won't be any remarkable announcements during the vote on account period. She further added that one would need to wait until the new government arrives and presents the subsequent comprehensive budget in July 2024.

Sitharaman is scheduled to present an interim budget for the fiscal year 2024-25, which begins on 1 April 2024, in the Lok Sabha on 1 February 2024.

The temporary budget, also referred to as a vote on account, gives the current government the ability to carry out expenses until a new government takes office following the general elections.