With the National Democratic Alliance (NDA), led by Prime Minister Narendra Modi, securing a third term at the Centre in the recently concluded 2024 Lok Sabha elections, all eyes are now on the upcoming Union Budget 2024 slated to be tabled in the Lower House of Parliament in July.
Union Finance Minister Nirmala Sitharaman presented the Interim Budget 2024-25 earlier this year, ahead of the general elections.
After being sworn in as the finance minister again in NDA 3.0, she will announce the full Budget for the current fiscal year.
While this will be the first Union Budget under PM Modi's third term, Sitharaman will become the country's first finance minister to present seven consecutive Union Budgets, crossing former minister Morarji Desai's record of six.
Desai tabled five full Budgets and one Interim Budget while serving as India's Finance Minister between 1959 and 1964.
According to the Reserve Bank of India (RBI) estimates, the Indian economy is projected to grow by 7.2% in FY25.
When will the Budget 2024 be presented?
As of now, no official announcement has been made regarding the date of the presentation of the Budget 2024. However, several reports suggest that Sitharaman will table it in the second half of July.
According to reports, the Monsoon Session of Parliament is expected to begin on July 22 and is likely to continue until August 9. Finance Minister Sitharaman is expected to hold a pre-budget consultation with all the industry stakeholders on June 20.
She will be holding a series of consultations with the finance ministers of various states.
The meetings will be preceded by a consultation with Revenue Secretary Sanjay Malhotra, slated for June 18. During her discussions with the apex industry chambers, Sitharaman will gather inputs from various sectors, including infrastructure, manufacturing, services, and technology.
Its focus is expected to be on measures to boost economic growth without exacerbating inflation, besides identifying resources to meet the NDA 3.0's commitments.