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The Indian economy has witnessed a profound transformation in the last 10 years, overcoming several challenges and creating more opportunities for employment and entrepreneurship, said Union Finance Minister Nirmala Sitharaman in her opening remarks at Budget 2024.

Presenting the Budget for the sixth consecutive year, Sitharaman, who carried the digital bahi-khata tablet wrapped in red cloth, opened her speech recounting the achievements of the finance ministry over the last fiscal year.

She is expected to build upon President Droupadi Murmu’s address in the Parliament on Wednesday, who said that India stands on four strong pillars of youth power, women power, farmers, and the poor.

This year will see a truncated Interim Budget until a new government is formed after the Lok Sabha polls.

Ahead of Budget 2024, there were mixed opinions among the public with some viewing the Budget as a vote-on-account ahead of the general elections later this year. Some say the Budget will have provisions for the middle class and manufacturing-focused industries.

Some economists have said tax reliefs could be in the form of hikes in Section 80C and 80D limits under the old tax regime, while others have said there could be a rejig in the income tax exemption limit under the new tax regime.

PM Narendra Modi on Wednesday hailed the Budget session as a “festival of women power”.

“Towards the conclusion of the inaugural session in this new Parliament building, a highly dignified decision was made–the Nari Shakti Vandan Adhiniyam. Subsequently, on January 26, the nation witnessed the strength, courage, and determination of women on the Kartavya Path,” Modi said.

“Today, the guidance provided by President Droupadi Murmuji at the commencement of this Budget session and the Interim Budget to be presented by Nirmala Sitharaman exemplify the power of women. In essence, this is a celebration showcasing the strength of women,” he added, urging members of the Parliament to maintain decorum during the Budget presentation.