Finance Minister Nirmala Sitharaman is poised to present the Interim Budget for the fiscal year 2024-25 today. The anticipation among markets, investors, and stakeholders is palpable as they await the financial roadmap for the upcoming fiscal year. Given its interim nature, the budget is not anticipated to incorporate any significant policy overhauls; however, pundits speculate it may entail certain populist modifications.

 

The finance minister is slated to present the Interim Budget in Parliament commencing at 11 am IST. Sitharaman’s address will be broadcast live on the official Parliamentary channel on YouTube and can be viewed on television via the Doordarshan and Sansad TV channels. The complete transcript of the address will be accessible online on the Union Budget website/app following the official presentation.

 

The Budget Session commenced on Wednesday, January 30, 2024, and is scheduled to adjourn on February 9, 2024. The session was inaugurated with President Droupadi Murmu’s address in Parliament.

 

In her speech, the President commended the nation for its accomplishments. “Youth power, women power, farmers, and the underprivileged are the four pillars upon which a flourishing economy will be erected,” she remarked.

 

Furthermore, the President extolled India for attaining a position among the top 5 economies globally. “Our banking system has now emerged as one of the most robust in the world. Initiatives like Make in India and Atmanirbhar Bharat have bolstered our position. Mobile manufacturing has witnessed a surge of over 5 percent,” she elaborated.

 

Investors will be closely monitoring the Budget proceedings as stock markets will reflect the public’s sentiment towards the fiscal blueprint. In the previous trading session on Wednesday, market movements were influenced by the impending Budget and attempted to stage a recovery rally. Post-commencement, markets continued to trend positively, leading up to the President’s address during the Budget session. As of 10:09 AM, the Sensex exhibited a gain of over 200 points, standing at 71,404.58, while the Nifty50 registered an increase of more than 50 points, reaching 21,590.85.

 

By the session’s conclusion, the equity indices concluded in positive territory. The S&P BSE Sensex surged by 613 points, closing at 71,753. Conversely, the NSE Nifty50 settled at 21,726, marking an increase of 204 points.