Finance Minister Nirmala Sitharaman has many firsts to her credit-from being India's first full-fledged woman finance minister to presenting the first paperless budget to giving the longest budget speech. She will have another first when she presents her seventh budget in a row on July 23-the first non-Congress finance minister to do so.
Sitharaman is expected to make more than just statistical history-a lot will be riding on her budget speech. And there have already been some hints. "This budget will be an effective document of the government's extensive policies and futuristic vision," said President Droupadi Murmu in her joint address to Parliament a month ago. "Alongside major economic and social decisions, many historic steps will be highlighted."
The new Modi government had signalled continuity by retaining most of the cabinet even though the Prime Minister had to rely on allies to secure a majority after the Lok Sabha polls. The budget, however, will have to address political considerations while maintaining fiscal consolidation and pushing growth. The massive mandates Modi received in 2014 and 2019 had given the government a lot of elbow room to push reforms.
With an energised opposition trying to corner the government on every possible occasion, the government may be inclined to take a more populist route.
Two key allies-the Telugu Desam Party and the Janata Dal (United)-run governments in Andhra Pradesh and Bihar, respectively, and they have been vocal in demanding special packages for their states.
They seek financial assurances to let Modi pursue his political agenda.
How far the Modi government goes to address their needs would set the contours of the remaining term of the government. The budget, which is the first major policy document of the government, is expected to rely on the BJP's manifesto for fulfilling many of its promises on social welfare, cultural and reforms fronts.
This story is from the July 21, 2024 edition of THE WEEK India.
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This story is from the July 21, 2024 edition of THE WEEK India.
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