Parliament approves Interim Budget 2024-25

Parliament on Thursday passed the interim Budget for 2024-25 with the Rajya Sabha returning the Finance Bill, 2024, and the associated appropriation bills. 

The Upper House also returned appropriation legislation for the Union Territory of Jammu and Kashmir. All these Bills were Money Bills. 

The Finance Bill 2024 was returned after the Finance and Corporate Affairs Minister Nirmala Sitharaman replied to the discussion on the Bill in the Upper House. Lok Sabha had passed the Finance Bill 2024 on Wednesday. 

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Sitharaman noted in Rajya Sabha on Thursday that the highlight of the interim Budget was the emphasis given on capital expenditure, which would help sustain the pace of economic growth. It was highlighted that capital expenditure for creation of public infrastructure is growing faster than real GDP growth.

She also said that fiscal deficit is being managed without hurting any projects. “No major projects have been curtailed, nor have I reduced allocation,” she said. 

Sitharaman also said that the country’s debt management is being done in such a way that the glide path for fiscal deficit reduction given in 2021 continued to be honoured. 

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Sitharaman also said that unemployment rate in rural areas has decreased from 5.3 per cent in 2017 to 2.4 per cent in 2023:

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