In a significant announcement, Union Finance Minister Nirmala Sitharaman is set to present the Union Budget for the financial year 2024-25 on July 23, 2024. This was confirmed by the Union Minister of Parliamentary Affairs, Kiren Rijiju, in a post on X (formerly Twitter) on July 6.
The Budget session will commence on July 22, 2024, and will run until August 12, 2024, subject to parliamentary business requirements. "Hon'ble President of India, on the recommendation of Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July, 2024 to 12 August, 2024 (Subject to exigencies of Parliamentary Business). Union Budget, 2024-25 will be presented in Lok Sabha on 23 July, 2024," Rijiju's post stated.
Historical Milestone for Sitharaman
This presentation will mark a historic milestone for Finance Minister Nirmala Sitharaman as she will be delivering her seventh consecutive budget, which includes six full budgets and one interim budget. Earlier this year, on February 1, Sitharaman had tabled the Interim Budget for FY24 ahead of the Lok Sabha elections.
Pre-Budget Consultations and Government Focus
Ahead of the budget presentation, Sitharaman held pre-budget consultations with various industry stakeholders from June 20. The Finance Minister, who assumed office as the Finance and Corporate Affairs Minister in the recently established NDA government on June 12, is expected to align the FY25 Budget with the Modi 3.0 government's focus on ‘Viksit Bharat' (Developed India).
Sitharaman has reiterated the government's dedication to improving the quality of life for citizens and maintaining policy consistency. In her address to a joint sitting of Parliament, she emphasized that the upcoming budget would highlight major social and economic decisions, marking the first budget presented by the government in its third term.
High Expectations and Historic Steps
Expectations from the Budget have been soaring, further fueled by President Droupadi Murmu's joint address, where she indicated that the budget would include "many historic steps". “This Budget will be an effective document of the government's far-reaching policies and futuristic vision. Along with major economic and social decisions, many historic steps will also be seen in this budget... The pace of reforms will be further accelerated in tune with the aspirations of people of India for rapid development," she said on June 27.
The upcoming Union Budget 2024-25 is highly anticipated and is expected to unveil a series of significant economic and social reforms, setting the stage for India's growth trajectory under the Modi 3.0 government.
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