Budget 2024: On July 23, Union Finance Minister Nirmala Sitharaman is set to deliver her seventh consecutive Union Budget. This budget marks the first full financial budget of the National Democratic Alliance (NDA) government under Prime Minister Narendra Modi’s third successive term.
The Union Budget 2024-25 is anticipated to include revisions in the income tax structure benefiting all categories of taxpayers, along with initiatives to improve the ease of doing business in India.
Finance Minister Nirmala Sitharaman will present the Union Budget 2024 to Parliament on July 23, 2024, with her speech scheduled to commence at 11 am.
This will be Sitharaman’s seventh consecutive Union Budget, surpassing the record of Morarji Desai, who presented six consecutive budgets.
The Budget for 2024 will be presented in a paperless format, following the tradition of previous full Union Budgets. An interim Union Budget was presented on February 1, 2024, ahead of the general elections. The Ministry of Finance has conducted extensive consultations with various stakeholders as part of the budget preparation process.
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Budget recommendations
During the meeting with the Finance Minister, certain economists highlighted the importance of increasing capital expenditure and reducing fiscal deficits. Representatives from the Confederation of Indian Industry emphasized the necessity to enhance capital spending in the upcoming budget. According to an official in the ministry, “A group of economists have recommended in their meeting with FM that reducing fiscal deficits also be the priority in the new budget.” In fact, he added, creating employment growth should also be given equal attention.
During the budget session, the Central Government plans to present six bills in Parliament for approval. These bills encompass the Aircraft Act, the Jammu and Kashmir budget, the Finance Bill, the Disaster Management Law, the Indian Aircraft Act 2024, the Boiler Bill, and the Coffee and Rubber (Enrichment and Development) Bill.
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