Budget 2024: Nirmala Sitharaman to equal Morarji Desai's record with 6th Budget

Union Finance Minister Nirmala Sitharaman will equal the record of former Prime Minister Morarji Desai when she presents her sixth straight Budget on February 1.

Sitharaman, the first full-time woman finance minister of the country, has presented five full Budgets since July 2019 and will present an interim or vote-on-account Budget next week.

No major policy changes

With the presentation of the interim Budget on February 1, Sitharaman will surpass the records of her predecessors like Manmohan Singh, Arun Jaitley, P Chidambaram, and Yashwant Sinha, who had presented five Budgets in a row.

Desai, as finance minister, had presented five annual budgets and one interim budget between 1959 and 1964. The interim Budget 2024-25 to be presented by Sitharaman on February 1, will be a vote-on-account that will give the government authority to spend certain sums of money till a new government comes to office after the April-May general elections.

As the Parliamentary elections are due, Sitharaman's interim Budget may not contain any major policy changes.

Final Budget in July

The new government, which is likely to be formed around June, will come up with a final Budget for 2024-25 sometime in July. Usually, interim budgets do not contain major policy announcements, but nothing stops the government from taking steps which are necessary to deal with the urgent issues facing the economy.

After the Modi government came to power in 2014, Arun Jaitley took charge of the finance ministry and presented five budgets in a row from 2014-15 to 2018-19. It was in 2017, that Jaitley departed from the colonial-era tradition of presenting Budget on the last working day of February to the 1st of the month.

Piyush Goyal, who was holding the additional charge of the ministry due to ill health of Jaitley, presented the interim budget for 2019-20 on February 1, 2019.

Desai's 10 Budgets record

After the 2019 general elections, in the Modi 2.0 Government, Sitharaman was given the charge of the finance portfolio. She became the second woman to have presented the Budget after Indira Gandhi, who had presented the Budget for financial year 1970-71.

That year, Sitharaman did away with the traditional Budget briefcase and instead went for a 'bahi-khata' with the National Emblem to carry the speech and other documents.

India is racing to become a $5 trillion economy by 2027-28 and $30 trillion by 2047. Former Prime Minister Morarji Desai who holds the tag of presenting 10 Budgets – the maximum by any finance minister – had presented six of them, including one interim, in a row.

The first budget of Independent India was presented by the first finance minister R K Shanmukham Chetty.

(With agency inputs)