Finance Minister Nirmala Sitharaman recently announced that the Union Budget slated for February 1, 2024, to be presented before the Lok Sabha elections, will not follow the regular format. Instead, it will be a vote on account, signaling that the government is unlikely to introduce significant policy changes or major announcements.
The vote on account serves as an interim budget, allowing the current government to seek Parliament's approval for necessary expenditures to sustain the country's operations until the new government assumes office.
During her address at the CII's Global Economic Policy Forum 2023 in the national capital, Sitharaman clarified that the upcoming February 1 budget will primarily cater to meeting expenditures until the new government takes charge. As a result, she emphasized that there won't be any groundbreaking or sensational announcements made during this period. The anticipation for any major policy shifts or economic measures will have to wait until after the general elections.
Touching upon global economic policy discussions, Sitharaman emphasized the importance of global engagement for fostering growth. She highlighted the significance of addressing concerns specific to the Global South to maintain momentum and ensure equitable representation in international economic policies.
Furthermore, the Finance Minister expressed apprehension about the expenses associated with transitioning to renewable energy. She criticized the European Union's carbon tax regulations, citing moral concerns about their impact on countries from the Global South, considering the disparities in economic development and capacity to meet these norms.
(With Agency Inputs)
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