No Tax Cuts, No Major Announcements: BJP Sends a Message of Confidence with Budget 2024
Finance Minister Nirmala Sitharaman presented a cautious interim budget, prioritizing stability and avoiding big announcements before the 2024 elections. No tax cuts, focus on essential spending, and revised growth forecast. Understand the reactions, implications, and what it means for the future.
New Delhi: The recently presented interim budget by Finance Minister Nirmala Sitharaman did not bring any substantial announcements or tax relief, indicating the ruling BJP's assurance and confidence ahead of the upcoming national election. The government plans to reveal a comprehensive roadmap to achieve its vision of "Viksit Bharat" (Developed India) in the full budget scheduled for July, as stated by the finance minister.
Prime Minister Narendra Modi set the tone on the eve of the budget presentation, emphasizing, "Just before the election, we don't submit a full budget, this we will do after a new government is elected. This interim budget is a guideline for us. I am hopeful that the country will touch new heights of prosperity. Development for everyone is taking place. This journey will continue with your blessings. Ram Ram."
Despite not being a full-fledged budget, taxpayers had anticipated some relief, especially in an election year. Speculation arose regarding a potential revision of the cap on income tax-exempt investments. However, the government chose not to make populist announcements, maintaining a stance of confidence and reserving major revelations for later.
Minister Sitharaman, adhering to the convention of interim budgets, announced no taxation changes. The BJP hailed the budget, with Union Home Minister Amit Shah stating that it "draws the roadmap" to realize Prime Minister Modi's vision of a Developed Bharat by 2047. External Affairs Minister Dr. S Jaishankar described the budget as capturing a decade of transformation while outlining a vision for further development.
Also Read: Full details of Indian Budget 2024
Union Minister Rajeev Chandrasekhar lauded it as an "excellent summary of the qualitative and quantitative transformation of the Indian economy in the last 10 years." Union Minister Nitin Gadkari termed it a budget to expedite the country's development and boost employment.
However, opposition leaders expressed disappointment, with Samajwadi Party chief Akhilesh Yadav dubbing it the "farewell budget" of the BJP. Congress MP Shashi Tharoor criticized the brevity of the budget speech and its lack of concrete implementation details.
The BJP's confidence, evident in the minister's budget speech, reflects the party's optimism about winning the upcoming Lok Sabha elections. With the opposition's INDIA bloc facing challenges in seat-sharing talks and internal coordination, the BJP appears well-positioned for the electoral contest. In states like Bengal, Punjab, Uttar Pradesh, Bihar, and Kerala, the opposition bloc is grappling with issues that could impact its electoral performance.
What's Your Reaction?
