The commencement of the Union Budget session is slated for January 31, with proceedings extending until February 9, as per recent reports. Finance Minister Nirmala Sitharaman is scheduled to present the Interim Budget for FY25 on February 1, with President Draupadi Murmu addressing both houses on the inaugural day, setting the platform for crucial fiscal declarations.
While no significant legislative overhauls are expected, a potential game-changer in the upcoming budget could be the proposed doubling of the PM Kisan Samman Nidhi scheme for women farmers. Recent reports from Reuters hinted at the government contemplating a twofold increase in the annual payout to landowning female farmers, reaching Rs 12,000.
The announcement of this plan is anticipated on February 1 and might incur an additional cost of Rs 12,000 crore for the government, as per sources cited in the news agency’s report.
In a departure from the norm, this year’s budget is set to be an Interim Budget rather than a full one. This decision aligns with the impending Lok Sabha elections, scheduled within the next two to three months.
Typically, an Interim Budget is presented by the ruling government to Parliament in an election year or when time constraints hinder the presentation of a full budget. The formulation of the complete annual budget falls under the purview of the incoming government post-election.
This year, a concise document outlining the state of India’s economy for 2024-25 is expected to precede the Interim Budget on February 1, deviating from the traditional approach of presenting a comprehensive Economic Survey in prior years.