Union Finance Minister Nirmala Sitharaman is all set to script history on Tuesday as she gets ready to present the Union Budget 2024. The budget for FY 2024-25 will mark FM Sitharaman's seventh consecutive union budget, surpassing former PM Moraji Desai's record.
The Union Budget 2024-25 will be presented during a joint session of the Lok Sabha and Rajya Sabha amid the ongoing Monsoon session. The budget will be presented around 11 AM on July 23.
The Union Budget 2024 will also be the first full financial budget of the new NDA government. The NDA government was formed with BJP, TDP, JDU and other allies after the Bharatiya Janata Party failed to secure a majority in the general elections.
Overall, Budget 2024 will mark the third consecutive budget presented under the term of Narendra Modi as Prime Minister.
Union Budget 2024 On July 23 - What To Expect
Finance Minister Nirmala SItharaman will be presenting her seventh consecutive budget. With this, not only will Sitharamn have the record for the longest speech (2 hours 40 minutes in 2020) but will also hold the record for presenting the most Union Budgets in the history of independent India.
Ahead of the Budget 2024, the stock market is expected to experience a sharper decline than that recorded on the day of the Lok Sabha Election result day.
The Union Budget 2024 will be tabled a day after FM Sitharaman tabled the Economic Survey for 2023-24, which has projected a 6.5 to 7 percent GDP growth for India in the new financial year.
Also Read | Key Takeways From Economic Survey 2023-24
Following the presentation of the Budget, a total of 20 hours have been allocated for debate on the document.
Along with the Budget 2024, the Central government is expected to present six new bills. These bill are - Finance Bill 2024, the Disaster Management (Amendment) Bill, the Boilers Bill, the Bhartiya Vayuyan Vidheyak, the Coffee (Promotion and Development) Bill and the Rubber (Promotion and Development) Bill.
As per Prime Minister Modi, the Budget for FY 2024-25 "wll be an important budget for Amrit Kaal" and "will decide the direction for the next 5 years of our term. This budget will also become a strong foundation of our dream of Viksit Bharat.”
Another item on focus is expected to be job creation for young India. In the interim budget, Sitharaman and the Modi 2.0 government named programmes to increase skill development and employment opportunities for Indians.
Many are also expecting relief or tax payers and members of the middle class. As per experts, the new income tax regime may see some adjustments.
