Union Budget 2024-25 will be presented in the Lok Sabha on July 23

The eagerly awaited Union Budget is scheduled to be presented by Finance Minister Nirmala Sitharaman on July 23.

Union Budget 2024-25:The eagerly awaited Union Budget is scheduled to be presented by Finance Minister Nirmala Sitharaman on July 23. President Draupadi Murmu approved a proposal on Saturday to summon both Houses of Parliament from July 22 to August 12. This upcoming budget will mark the first presentation by the government led by Narendra Modi since their historic third re-election earlier this year.

Union Minister Kiren Rijiju tweeted, “Hon’ble President of India, on the recommendation of the 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.”

The President had previously mentioned that the upcoming budget would include several ‘historic’ measures and ‘significant social and economic policies’. Sitharaman had introduced the interim budget in February before the Lok Sabha elections.

The first session of the 18th Lok Sabha, which took place from June 24 to July 2 after the election results, will be the initial full session of Parliament after new members were sworn in.

The BJP-led NDA secured power for the third consecutive time in June. However, the opening session of Parliament commenced last week with a clash between the opposition and the government on various issues, including the NEET-UG exam controversy. The third term of Prime Minister Modi has added significance to the upcoming budget, considering his commitment to making bold decisions.

During the presentation of the interim budget in February, Sitharaman reduced the fiscal deficit target for FY25 to 5.1% of GDP. Both the old and new tax slabs remained unchanged as announced by the government.

The finance minister has conducted meetings with economists, finance and capital market experts, and industry bodies for pre-budget discussions. In late June, Sitharaman chaired a meeting with finance ministers from various states and union territories to gather suggestions for the forthcoming Union Budget.

(With agency inputs)