The Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024-25 on July 23, marking the commencement of the budget session of Parliament from July 22 to August 12. Sitharaman has engaged in pre-budget consultations with economists, finance and capital market experts, industry leaders, and agriculture specialists. Various industry bodies, including the Confederation of Indian Industry (CII), have urged for increased capital expenditure in this budget cycle.
This will be Sitharaman’s seventh consecutive budget, making her the first Union Finance Minister to achieve this milestone since former Prime Minister Morarji Desai. Parliamentary Affairs Minister Kiran Rijiju confirmed the dates of the budget session, stating that both Houses of Parliament will convene as per the President of India’s approval.
Earlier this year, the Modi government had presented an interim budget. In that announcement, Sitharaman had outlined an 11.1% increase in capital expenditure to Rs 11,11,111 crore, which equates to 3.4% of GDP. Additionally, the government had proposed a Rs 1 lakh crore corpus with a five-year interest-free loan for youth.
Following the general elections, the newly-elected Lok Sabha members were sworn in during the first session of the 18th Lok Sabha from June 24 to July 2. President Droupadi Murmu addressed a joint sitting of both Houses on June 27, with Lok Sabha and Rajya Sabha subsequently adopting a motion of thanks on the President’s address. Prime Minister Narendra Modi concluded the session by responding to the debate on the motion of thanks.
The BJP-led National Democratic Alliance secured its third successive term in the general elections, reaffirming its mandate to govern.