Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 in Parliament today, marking her seventh consecutive budget, surpassing the late Morarji Desai’s record of six consecutive budgets. This budget is expected to focus on changes in the income tax structure and improving the ease of doing business in India.
The full budget for 2024-25 will be presented at 11 am, the first under the Modi 3.0 government. Key announcements and economic guidance from the finance minister will be closely watched. Sitharaman will present the estimated receipts and expenditures for 2024-25 in both the Lok Sabha and Rajya Sabha.
The Finance Minister will also present documents under the Fiscal Responsibility and Budget Management Act, 2003, including the medium-term fiscal policy strategy and the macro-economic framework statement. Additionally, she will present the estimated receipts and expenditures for the Union Territory of Jammu and Kashmir.
This budget will be Sitharaman’s seventh, breaking Morarji Desai’s record. The budget session of Parliament began on July 22 and will conclude on August 12. Before presenting the budget, the finance minister will meet with ministry secretaries and the President for permission.
Typically, the Ministry of Finance issues circulars in September-October requesting budget demands and recommendations. The ‘halwa ceremony’ marks the start of budget document printing and the lockdown of the finance ministry, with the budget team leaving only after the budget is presented. The Union Budget has been printed in the North Block basement since 1980.
The Economic Survey, released a day before the budget, serves as a crucial input for budget formulation. It provides an overview of the country’s economic performance and future outlook. The 2023-24 Economic Survey projects India to grow at 6.5-7.0 percent in 2024-25, highlighting the economy’s resilience.
The first Economic Survey was presented in 1950-51 and separated from the budget documents in the 1960s. After the budget is presented, it undergoes debate and discussion in Parliament, allowing for scrutiny and amendments. Following approval, post-budget activities aim to implement the budget’s provisions.
Like previous budgets, the 2024 Budget will be paperless. An Interim Union Budget 2024 was presented on February 1 due to the upcoming general elections. All budget documents, including the Annual Financial Statement, Demand for Grants, and Finance Bill, will be available on the “Union Budget Mobile App” in both English and Hindi. The app is accessible on Android and iOS platforms and can be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in).