Ahead of FM Sitharaman's speech, the IMF Executive Director said India's economy is quite strong

“India’s economy is pretty strong”

“…When you look at the growth rate, you have to remember that when there was a pandemic and very few people believed in it, I had said that the growth rate will be more than 7 percent and these are the numbers. “.The policies we adopted during the pandemic, a mix of supply and demand…benefited those in need. Capital expenditure was increased – by almost 3.5 percent. Therefore, India's economy is quite strong and in a good position. The IMF and others can clearly see this,” Subramanian said.

“Good measures from previous years will be repeated”

On his expectations from the Budget 2024-25, Subramanian said: “First of all, we have to remember that it is a vote on account… The full budget will be presented after the elections in June or July.” So not much action will be taken in this budget.”

“As the economy is in a very good situation and a growth rate of 7.3 percent is possible, I think the government will continue what it has been doing in the past few years. Maybe some measures will be taken… maybe it will be something for women… Overall, I see that the good measures of previous years will be repeated,” he added.

Budget 2024

Finance Minister Nirmala Sitharaman will present the interim budget in Parliament on Thursday (February 1) ahead of the 2024 Lok Sabha elections, marking the final budget in Prime Minister Narendra Modi's second term.

The interim budget estimates or outlines expenditures, revenues, budget deficits, financial results and projections until a new government is formed. It supports the state in meeting its financial obligations.

WATCH: Finance minister holds paperless 'Bahi Katha'

Union Finance Minister Nirmala Sitharaman, dressed in a handwoven blue cream kantha sari by Tussar, and her budget team were seen wearing paperless 'bahi katha' in North Block on Thursday morning ahead of the presentation of Budget 2024 in Parliament.

The video also showed copies of the 2024 interim budget arriving in Parliament on Thursday morning.

The expectations of the common man from the 2024 interim budget are high as the Prime Minister Modi-led government focuses on maintaining India's GDP growth momentum while continuing the fiscal glide path to achieve an acceptable fiscal deficit target.

India is the fastest growing major economy in the world and will become the world's third largest economy in the coming years with a GDP of $5 trillion. Sitharaman's Budget 2024 Vote On Account is expected to provide a path towards this goal.

With input from agencies