Finance minister Nirmala Sitharaman will present the 2023-24 Union Budget on Wednesday a day after the Economic Survey tabled in Parliament said India’s GDP will grow at a baseline value of 11% in nominal terms and 6.5% in real terms. It will be the last full budget of this term of the Bharatiya Janata Party-led government.
The survey put real growth in the range of 6-6.8% depending on downside and upside risks. It indicated the government would adhere to its fiscal deficit target for 2022-23 and continue on the fiscal consolidation path in the Union Budget.
Prime Minister Narendra Modi on Tuesday promised the Budget will attempt to meet the hopes and aspirations of the people and strive to be a ray of hope for the world amid global economic turmoil. He said recognised voices in the world of the economy are bringing positive messages from all sides.
The International Monetary Fund’s update overnight on Monday said the Indian economy would grow by 6.1% in 2023-24, the fastest for a major economy.
Modi said he was confident that the finance minister will strive to fulfil people’s hopes, and aspirations and boost the hopes with which the world is looking at India.
Parliament’s Budget Session began on Tuesday with President Droupadi Murmu’s address to a joint sitting of both Houses. A combative Opposition was expected to raise questions related to issues such as the Adani controversy, inflation, and unemployment.
The session will have 27 sittings and conclude on April 6, with a month-long recess between February 13 and March 12.
Eight previous parliament sessions in a row since March 2020 have been cut short due to disruptions.
The Biological Diversity (Amendment) Bill, the Maintenance And Welfare of Parents and Senior Citizen (Amendment) Bill, the Competition (Amendment) Bill, the Prohibition of Child Marriage (Amendment) Bill, and the Electricity (Amendment) Bill are among key bills that can come up for discussion and passage.
The government plans to table around 36 bills, including four related to the budgetary exercise, during the session.