Budget 2024: Indian Finance Minister Nirmala Sitharaman is set to walk a tightrope with the presentation of the Fiscal year 2024-25 Interim Budget on February 1. The anticipation is palpable, with citizens and corporations eagerly awaiting policies that navigate challenging global headwinds while paving the path for an Atmanirbhar (self-reliant) India.However, its crucial to temper expectations. Interim budgets, by their temporary nature, prioritize continuity until the post-election government takes charge. While populism often finds its way into such budgets, this year, major announcements are likely to be scarce. Heres what you can not expect from Budget 2024 :Policy Revolution on Hold Given its temporary nature and the upcoming Lok Sabha elections in 2024, the interim budget is not the platform for groundbreaking policy changes. Dont expect major reforms or financial overhauls. Immediate expenditure needs will take center stage.Tax Relief Tapped for Later Dreams of significant tax cuts or structural changes might have to wait. Major tax reforms are usually reserved for full budgets, and individuals and corporations shouldnt expect substantial immediate relief.New Welfare Waitlist While social sector schemes will be addressed, the interim budget is unlikely to launch expansive new welfare programs. Extensive financial commitments for such initiatives are more fitting for a full-budget discussion post-elections.Fiscal Balancing Act While fiscal deficit reduction remains a goal, drastic measures are unlikely. Interim budgets prioritize economic stability over aggressive tightening, leaving room for maneuvering in the main budget after the Lok Sabha elections in 2024.Regulatory Overhaul on PauseDont expect sweeping changes to financial regulations or complex new frameworks. Such policy decisions thrive in the detailed deliberations of a full budget, not the temporary stage of an interim one.Budget 2024 then, becomes a balancing act. It must acknowledge the current economic climate, offer some relief, and ensure smooth functioning until the next government takes over.While excitement is understandable, managing expectations is key. This budget is a bridge, not a destination, on the road to Indias self-reliant future.
