Finance Minister Nirmala Sitharaman on Thursday said the budget to be presented on February 1, 2024, would not have any "spectacular announcement" as it would be a vote on account in the run-up to the general elections.
Sitharaman said that it is true that the budget that will be announced on February 1, 2024, will be only a 'vote on account' because we will be preparing for elections. Therefore, the government's budget will only meet the government expenses until a new government is formed.
Speaking during the Global Economic Policy Forum 2023 organised by the Confederation of Indian Industry (CII) and the Finance Ministry, Sitharaman said the country would then be preparing for the Lok Sabha elections to be held in the summer of 2024.
'Vote on account will be presented'
Following British tradition, the February 1 budget will be called 'Vote on Account'. Sitharaman said, "It is a matter of truth that February 1, 2024 budget that will be announced 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. No spectacular announcements come in that time (in vote on account). So you will have to wait till after new government comes in and presents next full Budget in July 2024," she said.
Talking about global economic policy, Sitharaman said there is a need for global engagement in development and maintaining momentum on the concerns of the Global South. He said the costs of the energy transition are a concern and that the EU's carbon tax norms against the Global South are morally unjustified. Notably, there is always curiosity in the minds of the general public regarding the budget that the government can announce various schemes to provide relief to them. It can also provide relief in income tax. However, this will not happen this time. The complete budget will be presented after the general elections.
