Centre Gears Up for Interim Budget Session: All-Party Meeting Today

As the nation braces for the interim Budget session of Parliament, the Centre has called for a crucial meeting with the floor leaders of political parties from both Houses on Tuesday. Chaired by Parliamentary Affairs Minister Pralhad Joshi, the meeting is scheduled to take place at 11:30 am in the Parliament Library building.

This customary pre-session meeting serves as a platform for political leaders to outline the key issues they intend to address during the upcoming Parliamentary session. The Budget session is set to kick off with President Droupadi Murmu's address on Wednesday, with the session anticipated to conclude on February 9.

Union Finance Minister Nirmala Sitharaman is slated to present the interim Budget for the fiscal year 2024-25 on Thursday. As the first full-time woman finance minister of the country, Sitharaman is poised to deliver her sixth consecutive budget, matching the record set by former Prime Minister Morarji Desai.

Sitharaman has indicated that this year's budget will primarily be a "vote on account" in preparation for the upcoming general elections. In her previous remarks, she emphasized that interim budgets typically do not include major announcements, and the public will have to wait until July 2024 for the comprehensive budget presentation by the new government.

Understanding the Union Budget: The Union Budget stands as the annual financial statement of the Centre, outlining the government's proposed expenditures and revenues for the upcoming fiscal year (April 1 to March 31). It encompasses detailed information on expenditures, revenues, liabilities, and welfare schemes.

Anticipations for Changes in Welfare Schemes: Reports suggest that the Centre may introduce modifications to its welfare schemes, including the Pradhan Mantri Kisan Samman Nidhi. There is speculation that the government might consider a 50% increase in the PM Kisan scheme payout this year, raising it from ₹6,000 to ₹9,000 annually. Additionally, there are expectations that the Centre will continue its focus on capital expenditure, as indicated in various reports.