Key Highlights:
- Finance Minister Nirmala Sitharaman to present the full Budget for 2024-25 on July 23.
- This will be the first Budget of Prime Minister Narendra Modi’s third term.
- Sitharaman will become the first Finance Minister to present seven Union Budgets in a row.
Announcement Details:
India’s Finance Minister Nirmala Sitharaman is set to present the full Budget for the fiscal year 2024-25 in the Lok Sabha on July 23. This announcement was made by Parliamentary Affairs Minister Kiren Rijiju on July 5. The Budget Session of Parliament will run from July 22 to August 12, subject to parliamentary business requirements.
Historic Significance:
This Budget marks the first of the Narendra Modi 3.0 government. Notably, Sitharaman will surpass Morarji Desai’s record by presenting seven consecutive Union Budgets. President Droupadi Murmu had previously indicated that the upcoming Budget would be ‘historic’ with significant social and economic decisions.
Previous Interim Budget:
In the interim budget presented in February ahead of the Lok Sabha elections, the fiscal deficit target for FY25 was set at 5.1% of GDP. There were no changes announced in the tax slabs for both old and new regimes.
Key Expectations:
In a joint parliamentary address, Finance Minister Sitharaman emphasized that the Budget would include major economic and social decisions and historic steps. She highlighted that the Budget would serve as a comprehensive document reflecting the government’s long-term policies and futuristic vision, further accelerating the pace of reforms.
“This Budget will serve as an effective document of the government’s far-reaching policies and futuristic vision. It will include major economic and social decisions, along with many historic steps. The pace of reforms will be further accelerated, aligning with the aspirations of the people of India for rapid development,” Sitharaman stated on June 27.
Consultations with States and UTs:
Towards the end of June, Sitharaman held a meeting with finance ministers from several states and Union Territories to gather proposals for the upcoming Union Budget. These consultations aim to ensure that the Budget addresses the diverse needs and aspirations of different regions across the country.
Conclusion:
As India anticipates the presentation of the 2024-25 Budget, expectations are high for significant reforms and initiatives that will drive economic growth and social development. The Budget Session will be closely watched for its potential impact on India’s future trajectory.
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