Ms Sitharaman will present her sixth straight budget, equalling the record of former Prime Minister Morarji Desai. During his tenure as finance minister, Desai presented five annual budgets and one interim budget between 1959 and 1964.
The Finance Minister also holds the record for the longest Budget speech – 2 hours and 42 minutes – which she delivered in 2020.
Ms Sitharaman will present an Interim Budget as the Lok Sabha elections are due in April-May. The full Budget will be presented by the newly elected government.
Ahead of the start of the Budget Session of Parliament on Wednesday, Prime Minister Narendra Modi expressed confidence that he would achieve a third straight victory and said that the full budget will be presented by a BJP-led government when it is formed after the Lok Sabha polls.
Experts said Ms Sitharaman and the BJP will have to walk a fine line between pleasing various sections of people in an election year and keeping the fiscal deficit in check.
Being an interim budget, major policy changes or big announcements may not be made, but expectations are still high.
Salaried taxpayers are hoping for a change in income tax slabs, a higher standard deduction limit and a hike in exemptions under Sections 80C and 80D.
For Micro, Small and Medium Enterprises (MSMEs), the expectation is that the government will bring in policies to ease regulatory procedures, reduce compliance burdens and provide greater access to loans.
Addressing a joint sitting of the Houses of Parliament on Wednesday, President Droupadi Murmu said that the government is moving ahead with the guarantee of fulfilling the dreams of 140 crore countrymen.
Opposition members, however, claimed the government had written an “election speech” for the President and said that issues such as income inequality, unemployment and price rise had not been addressed.

The Reserve Bank of India (RBI) on Wednesday ordered Paytm Payments Bank to stop accepting fresh deposits in its accounts or popular wallets after February 29, 2024.

Paytm Payments Bank, which is part of one of India’s largest payment firms Paytm, was told by the regulator that it will not be able to take fresh deposits, facilitate credit transactions, or offer fund transfers, including Unified Payments Interface (UPI) facility after February 29.

“No further deposits or credit transactions or top ups shall be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024, other than any interest, cashbacks, or refunds which may be credited anytime,” Yogesh Dayal, a chief general manager with the central bank, said in a press statement.

Withdrawal or utilisation of balances by its customers from their accounts including savings bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards, etc. are to be permitted without any restrictions, up to their available balance, the statement added.

Why RBI Has Put Restrictions On Paytm Payments Bank?

The RBI said it had in March 2022 asked the Paytm Payments Bank to stop adding new customers.

However, a Comprehensive System Audit report and subsequent compliance validation report of the external auditors revealed persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action, the RBI said, without disclosing details.

The action against Paytm Payments Bank was taken under Section 35A of the Banking Regulation Act, 1949, the central bank added.

What Paytm Payments Bank Said On RBI Restrictions

Paytm Payments Bank, an associate of One 97 Communications Limited (OCL), said it is taking “immediate steps” to comply with the RBI’s directions.

OCL, as a payments company, works with various banks (not just Paytm Payments Bank), on various payments products, the fintech company said in a statement on Thursday.

Update: Paytm Payments Bank Limited, an associate of Paytm receives RBI directions. Paytm to expand its existing relationships with leading third-party banks to distribute payments and financial services products.
Read more here: https://t.co/NsPCOxp6VJ pic.twitter.com/fQjozyR11m

— Paytm (@Paytm) January 31, 2024

“We now will accelerate the plans and completely move to other bank partners. Going forward, OCL will be working only with other banks, and not with Paytm Payments Bank Limited. The next phase of OCL’s journey is to continue to expand its payments and financial services business, only in partnerships with other banks,” the statement read.

Paytm Likely To Lose Over Rs 500 Crore Due To RBI Action

Paytm said it expects a “worst case impact” of Rs 300 crore to Rs 500 crore to its annual earnings from RBI’s order barring Paytm Payments Bank from accepting fresh deposits.

However, the company said it expects to “continue on its trajectory” to improve its profitability.

Union Finance Minister Nirmala Sitharaman on Thursday posed with her digital tablet as she headed to Parliament to present the interim budget.

She also posed for a picture outside the Ministry of Finance in the national capital along with her team before presenting her sixth straight budget, equalling the record of former Prime Minister Morarji Desai.

#WATCH | Finance Minister Nirmala Sitharaman along with her team before the presentation of the country’s interim Budget pic.twitter.com/hohpB7qtZi

— ANI (@ANI) February 1, 2024

Ms Sitharaman will present an interim budget as the Lok Sabha elections are due in April-May. The full budget will be presented by the newly-elected government, most likely in July.

Being an interim budget, major policy changes or big announcements may not be made, but expectations are still high. 

Salaried taxpayers are hoping for a change in income tax slabs, a higher standard deduction limit and a hike in exemptions under Sections 80C and 80D.

For Micro, Small and Medium Enterprises (MSMEs), the expectation is that Prime Minister Narendra Modi-led government will bring in policies to ease regulatory procedures, reduce compliance burdens and provide greater access to loans.