News

Published: July 8, 2024
Updated: July 8, 2024

Nirmala Sitharaman to Present Union Budget 2024-25 on July 23

Parliamentary Session Dates Announced

President Droupadi Murmu has approved a proposal to summon both houses of Parliament from July 22 to August 12, 2024. This session will include the presentation of the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman on July 23.

Historic Significance of the Upcoming Budget

This will be the first budget presented by the Narendra Modi-led government since its re-election for a third term earlier this year. The President has indicated that the upcoming budget will feature several historic steps and major social and economic decisions.

Interim Budget and Fiscal Targets

In February, ahead of the Lok Sabha elections, Sitharaman presented an interim budget that lowered the FY25 fiscal deficit target to 5.1% of GDP. There were no changes in the tax slabs for both the old and new regimes.

Pre-Budget Consultations

Finance Minister Sitharaman has been actively engaging with economists, finance and capital market experts, and industry bodies in pre-budget consultations. She also held a meeting with finance ministers of various states and union territories at the end of June to gather suggestions for the upcoming budget.

Political Context and Challenges

The BJP-led National Democratic Alliance (NDA) returned to power for a third consecutive term in June. The inaugural session of the 18th Lok Sabha saw new members taking their oaths between June 24 and July 2. However, the session began with clashes between the opposition and the government on various issues, including the NEET-UG examination row.

The upcoming Union Budget is highly anticipated, with Prime Minister Narendra Modi emphasizing the importance of making bold decisions during his third term. As the government prepares to present the budget on July 23, the nation awaits the unveiling of key economic policies and reforms that will shape India's future.