Interim Budget 2024: Focus on credible fiscal math amid global scrutiny

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While Finance Minister Nirmala Sitharaman has played down expectations from the 2024-25 Interim Budget to be presented today, stating that there won’t be any “spectacular announcement”, this has not deterred key sectors from having their own Budget wish lists. Whether or not the government announces pre-poll SOPs from key electorate groups, the Interim Budget will ultimately be judged by the credibility of its fiscal arithmetic.

This is more so because of India’s inclusion in the global bond indices starting next financial year where Budget numbers will be under greater scrutiny. Although the next government will have another chance to revise the numbers during the full Budget to be presented sometime in July, credible numbers in the Interim Budget that can withstand the global uncertainties will be cheered by analysts and markets alike. A cursory look at the 2019-20 Interim Budget shows the Narendra Modi government may like to keep its fiscal maths credible.