Finance Minister Nirmala Sitharaman is all set to present her seventh consecutive Union Budget at 11 am on July 23, during the Budget Session of Parliament. The Union Budget 2024-25 is expected to focus on revising the income tax structure to benefit taxpayers in all segments and enhancing the ease of doing business in India. Finance Minister’s speech is likely to begin at 11 am on July 23, 2024. Notably, Sitharaman also makes history as the first finance minister to present seven consecutive Budget speeches. She now surpasses former Prime Minister Morarji Desai’s record of six consecutive budgets as finance minister between 1959-64. Notably, this is also the first complete financial budget of the Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government in its third consecutive term.
The Budget is an annual financial statement from the centre which outlines its proposed expenditures and revenues for the upcoming fiscal (FY25) — from April 1, 2024 to March 31, 2025. It outlines the government’s achievements of the past financial year and outlines goals and allocations for the financial year ahead. It aims to meet requirements for policies, allocations and plans for the financial year ahead.
The Budget Session of Parliament began on July 22 and Sitharaman tabled the 2024 Economic Survey document a day ahead of the Union Budget due on 23 July. The Session is likely to have 16 sittings over 22 days, and is expected to conclude on August 12.
Expectations — Rajesh Narain Gupta, Founder and Chairman of SNG & Partners
As per Gupta, “Banking requires dynamic and timely reforms for a country like India. FDI in banking should be increased to invite more capital. And government participation in public sector banks should be reduced as soon as possible.”
