Union Finance Minister of India Nirmala Sitharaman will present the union budget for financial year 2024-25 in latter half of July. Thus, becoming first FM to present seven union budgets consecutively, surpassing Morarji Desai. Who presented six budgets consecutively.
Usually, the union budget is launched on February 1. But 2024 being an election year, Sitharaman presented interim budget, which is a temporary financial statement presented by incumbent government.
After the conclusion of Lok Sabha elections 2024, in which BJP-led NDA government secured majority for the third time. So, this is why, the finance minister will present the budget this July.
Union Budget usually refers to country’s Annual Financial Statement, which usually consists of extensive account of government finances, from where it derives its revenue and estimation of expenditures to be incurred on activities which will be conducted.
As per Article 112 of the Indian Constitution, the Union Government presents its projected income and spending for the fiscal year, spanning from April 1 to March 31 to both Houses of Parliament.