Finance Minister Nirmala Sitharaman outside the new Parliament building in New Delhi, on February 1, 2024.
Credit: PTI Photo
Finance Minister Nirmala Sitharaman was seen in a blue saree on Thursday morning as she posed for a photo outside the new Parliament building in New Delhi— holding the 'Bahi Khata' tablet enveloped in the customary small red bag which includes the details of the Interim Budget that she will present shortly.
After former prime minister Morarji Desai who holds the record of presenting most budgets in the House, Sitharaman is going to be the second Finance Minister to set such a record. Today's Interim Budget speech will mark Sitharaman's sixth Budget presentation in a row, comprising five Union Budgets and one Interim.
Dressed in blue for the occasion this year, Sitharaman had worn a hand woven 'Ilkal' saree with traditional 'Kasuti' details embroidered during her last year's Budget presentation. Sitharaman is a Rajya Sabha member from North Karnataka's educational hub Dharwad— the city known for its Kasuti works. A traditional folk embroidery craft, 'Kasuti' art on the cloth is crafted with a geographical indication tag which is known to be unique to Dharwad.
FM Sitharaman has kept Dharwad as her choice of place to choose the saree she would adorn on the day of the Budget speech. During her presentation in 2023, Sitharaman opted for a 800 gm silk saree with fine detailing and works of chariots, peacocks, and lotus— designed by ‘Arathi Crafts’ and owned by Arati Hiremath in Dharwad.
The Interim Budget today is the outgoing government's presentation of what it has achieved in terms of revenue and what's spent during the past. After the presentation, a vote-on-account will be presented in the Parliament.
According to Article 116 of the Indian Constitution, a vote on account signifies an upfront allocation of fund to the government from the Consolidated Fund if India (CFI). Vote on account is a provision to sanction Parliamentary approval to the government for essential spending including salaries and ongoing expenses— for the transitional period.
Such a sanction is valid for up to two months, but can be extended. CFI contains all revenues generated by the Central government, including taxes, interest on loans, and other such collections.
Sitharaman's Interim Budget presentation today will surpass the previous records of Arun Jaitley, Manmohan Singh, P Chidambaram, and Yashwant Sinha, who presented five Budgets in a row during their tenures as finance ministers.