India Budget 2024 session of Parliament starts today with the President’s address in the joint session of Lok Sabha-Rajya Sabha. President Draupadi Murmu, in her detailed speech lasting one hour and 13 minutes, outlined the policies and vision of the government. After this, following the parliamentary system, the Vice President and Rajya Sabha Chairman Jagdeep Dhankhar addressed briefly in English.
President’s Speech during India Budget 2024 Session
She said this is her first address in the new Parliament building. The magnificent building was constructed at the beginning of “Azadi ka Amrit Kaal”. Moreover, it serves as a testament to India’s civilization and culture. It represents the commitment to establish new traditions for the new India of the 21st century. She is confident that this new building will witness productive dialogue on policies that will shape the development of ‘Viksit Bharat’ in the Amrit Kaal of our independence. Furthermore, she extended her best wishes.
This year is the 75th anniversary of our Constitution’s adoption. During this time, the Amrit Mahotsav celebration of 75 years of independence was completed with many programs held nationwide. She outlined the work done successfully during this period
During her address in the India budget 2024 session, she highlights the achievements of her government. She highlighted that India is the first country to hoist its flag on the southern pole of the Moon. Furthermore, she talked about the infrastructure developed in India. Moreover, she appreciated the achievements of players in the Olympics and Para Olympics games. She also elaborates on the various law amendments by her government.
Over the past decade, India has completed numerous tasks in the national interest, which the citizens had been waiting for decades. Such as Ram Mandir, Article 370, Triple talaq, CAA, one rank one pension and appointed Chief of Defence staff. Furthermore, she said, “Since childhood, we have been hearing the slogan of ‘Garibi Hatao’. Now, for the first time in our lives, we are witnessing the eradication of poverty on a massive scale”.
The Finance Minister will present the India Budget for 2024
Nirmala Sitaraman will present the interim India budget 2024 tomorrow. The government will present the Economic Survey before the interim budget. The report of the Privilege Committee will also be presented in the Lok Sabha and Rajya Sabha in the case of MPs accused of ruckus and indecent conduct in Parliament.
Under Article 112 of the Indian Constitution, the government presents the Union Budget in Parliament before the beginning of every financial year. A budget is a document related to the income and expenses of the government in a financial year. This financial year starts on 1 April every year and ends on 31 March of the next year.
General elections are to be held this year, so this time it will be an interim budget. This time the budget presented by the government will be only to meet the government expenses till the coming of the new government. The full budget for the financial year 2024-25 will be presented in July by the new government elected after the general elections.
Citizens are expected to get relief as Lok Sabha elections are near. At the same time, the session lasting till February 9 can be turbulent. The opposition can corner the government on various issues.
All Party Meeting Before India Budget 2024 Session
An all-party meeting was held on Tuesday with leaders of all parties of India before the budget 2024 session in Parliament. All parties were invited by the Center for the meeting. Union Parliamentary Affairs Minister Pralhad Joshi held a meeting with leaders of all parties of both houses. This meeting was held in the Parliament Library.
Before the meeting began, TMC MPs Sudip Bandyopadhyay and Sukhendu Shekhar Ray met Union ministers Pralhad Joshi and Arjun Ram Meghwal. Apart from him, MDMK MP Vaiko attended this meeting.
Interesting facts of the India Budget
1 First Budget
The first budget of independent India was presented on 16 November 1947. It was introduced by the country’s first Finance Minister RK Shanmukham Chetty. Although in a way it was a review report of the Indian economy. When the country’s first budget was presented, income up to Rs 1500 was tax-free in the country. Now it is Rs 7 lakhs.
2 Married and unmarried people had to pay different taxes
In 1955, to increase the population, for the first time in the country, separate tax-free incomes were kept for married and unmarried people. Married people did not have to pay any tax up to Rs 2000. At the same time, for bachelors, this limit was only Rs 1000.
3 Tax of Rs 97.75 was levied on every Rs 100 earned.
India had the highest tax rate in 1973-74. At that time the maximum rate of income tax collection was made 85 percent. Including the surcharge, this tax rate reached 97.75%. Out of every Rs 100 earned at an income of Rs 2 lakh, only Rs 2.25 went into the earner’s pocket. The remaining Rs 97.75 was kept by the government.