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Indian Finance Minister Nirmala Sitharaman to present budget on July 23

Indian Finance Minister Nirmala Sitharaman to present budget on July 23

Interim Budget 2024

India's Finance Minister Nirmala Sitharaman will present the full Budget for 2024-25 in the Lok Sabha (lower house of the Indian parliament)on July 23, saidParliamentary Affairs Minister Kiren Rijiju on Saturday (July 5).

This will be the first Budget of the Prime Minister Narendra Modi 3.0 government.

Minister of Parliamentary Affairs, Kiren Rijiju took toX and said, “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.”

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Notably, Sitharaman, appointed asFinance Minister for a second consecutive term, will become the first to present sevenUnion Budgets in a row, surpassing Morarji Desai, who presented six consecutively.

Earlier, President Droupadi Murmu had indicated that the upcoming Budget would be ‘historic’ and carry ‘major social and economic decisions’. Sitharaman had presented an interim budget in February ahead of the Lok Sabha elections.

The interim budget presented in February saw a lower FY25 fiscal deficit target of 5.1 per centof the GDP. The government had announced no changes in the tax slabs in both the old and new regimes.

While addressing a joint sitting of Parliament, the finance minister had said key social and economic decisions will be the highlight of the Budget.

“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,” she said on June 27.

Sitharaman also held a meeting with finance ministers of several states and Union Territories towards the end of June to takeproposals for the upcoming Union Budget.

(With inputs from agencies)