Budget session of Parliament begins; President says India grew fastest among major economies in 2023

Parliament Budget Session 2024: President Droupadi Murmu said on Wednesday that the last year was a historic one for the country when it maintained its status as the fastest-growing major economy in the world. "The year 2023 was a historic year for India, when it grew the fastest among major economies despite global crisis. India grew about 7.5 per cent for two consecutive quarters," the President said while addressing a joint sitting of both houses of Parliament, which began a Budget session. 

That marked the President's first address in the new Parliament building, inaugurated by Prime Minister Narendra Modi last year.

"This is my first address in the new Parliament building. This grand building has been built at the beginning of the Amrit Kaal. This has the fragrance of 'ek bharat, shreshth bharat'... and also has the resolve to honour democratic and parliamentary traditions. Besides this, it also has the resolve to build new traditions of the new India of the 21st century," the President said. 

"The achievements that we see today are the extension of the practices of the last 10 years. We heard the slogan of 'gareebi hatao' since our childhood. Today, for the first time in our lives, we see poverty being alleviated on a large scale," said the President, adding: "I am confident that there will be meaningful conversation on policies, in this new building."

The Budget session comes a day before Finance Minister Nirmala Sitharaman is slated to present an interim Budget in the Parliament, which will be the last Budget of the Narendra Modi 2.0 government. 

Also known as Vote on Account, the upcoming Budget will allow the government to meet its expenses till the country undergoes Lok Sabha elections this year. Simply put, the interim Budget to take care of the fiscal needs of the intervening period until a government is formed after the Lok Sabha polls.

The interim Budget will be followed by a separate, full Budget, to be presented by the elected government. 

The term of the current Lok Sabha is scheduled to end on June 16. 

The general elections—or polls to elect the government at the Centre—were last held in 2019 wherein voting took place in seven stages, from April 11 to May 19.

With inputs from agencies