Minister of State for Finance, Pankaj Chaudhary, stated that the first Union Budget of the third Modi government will follow the principle of “Sabka Saath Sabka Vikas” (Collective Effort, Inclusive Growth). Finance Minister Nirmala Sitharaman is set to present the full budget for 2024-25 on Monday.
“This budget is based on PM Modi’s mantra of Sabka Saath Sabka Vikas,” emphasized Chaudhary.
Chaudhary, along with key members of FM Sitharaman’s team, such as Vivek Joshi, Secretary of the Department of Financial Services, and Chief Economic Advisor V. Anantha Nageswaran, arrived early at the Finance Ministry’s North Block offices in preparation for the Budget Presentation.
Sitharaman’s presentation of the Union Budget 2024 in Parliament today marks 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. On Monday, she also tabled the Economic Survey 2023-24 along with the statistical appendix.
The Finance Minister will present a statement (in both English and Hindi) of the estimated receipts and expenditures for 2024-25 in the Rajya Sabha. She will follow this by presenting the budget in the Lok Sabha an hour later. Additionally, under subsection (1) of Section 3 of the Fiscal Responsibility and Budget Management Act, 2003, she will lay on the table the medium-term fiscal policy strategy statement and the macro-economic framework statement, as well as the estimated receipts and expenditures for the Union Territory of Jammu and Kashmir (with legislature).
By presenting this budget, Sitharaman will surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964. The budget session of Parliament, which began on July 22, is scheduled to conclude on August 12.
On Monday, the Economic Survey projected India’s real GDP growth at 6.5-7 percent, while acknowledging that market expectations are higher. India’s real GDP growth, excluding inflation, was 8.2 percent in 2023-24, surpassing the 8 percent mark in three out of four quarters. Official data shows India’s GDP grew 8.2 percent in 2023-24, 7.2 percent in 2022-23, and 8.7 percent in 2021-22.
