Budget 2024 Date and Time Highlights: While the first session of the 18th Lok Sabha has already commenced after the Narendra Modi-led NDA government sworn in, India is still waiting for a formal announcement on the presentation of the Union Budget by Finance Minister Nirmala Sitharaman. The finance minister is likely to table the Union Budget on July 23 or 24 after the commencement of Monsoon Session of the Parliament, sources told FinancialExpress.com. The Monsoon Session is set to begin on July 22, per sources. The session is likely to continue until August 9.
On June 26, Om Birla, a three-time BJP MP, was re-elected as the Lok Sabha Speaker for a second term. He won against the INDIA bloc’s candidate, Congress’ Kodikunnil Suresh, through a voice vote on June 26.
Earlier on June 22, Nirmala Sitharaman presided over the 53rd GST Council meeting, which deliberated on various proposals to streamline GST applicability across goods and services, and several recommendations were made to refine tax rates and service exemptions under the GST regime. FM Sitharaman emphasized the Centre’s support to states with timely tax devolution and GST compensation arrears to boost growth. She also highlighted the government’s support through timely tax devolution, Finance Commission grants, and GST compensation arrears to stimulate growth, according to an official statement.
The GST Council, on June 22, recommended extending the time limit to furnish the details and the returns in the form GSTR 4 from 30th April to 30th June. This will apply for returns for the Financial Year 2024-25 onwards,” Nirmala Sitharaman added.
During her address after the GST Council Meet, Finance Minister Nirmala Sitharaman emphasized the Centre’s commitment to bolstering states’ economies through prompt tax devolution and the settlement of GST compensation arrears to drive growth. She highlighted the ‘Scheme for Special Assistance to States for Capital Investment’, maintaining that while most loans are unrestricted, a portion remains conditional on states implementing citizen-centric reforms and specific capital projects across sectors.
The GST Council made following recommendations on GST on services:
After the 53rd GST Council meeting, GST Council recommended the following changes in GST rate:
The Goods and Services Tax (GST) Council meeting was held on June 22. Finance Minister Nirmala Sitharaman presided over the meeting. The meeting was attended by MoS finance Pankaj Chaudhary, chief ministers of Goa and Meghalaya, deputy chief ministers of Bihar, Haryana, Madhya Pradesh, and Odisha, besides finance ministers of states & UTs and other senior officers.
On June 19, the finance minister chaired the first pre-Budget consultations with leading economists in connection with the forthcoming General Budget 2024-25. Talking about the meeting, economist Ashwani Mahajan told PTI, “We have held the first pre-budget meeting. Top economists from across the nation attended the meeting and gave their suggestions about the budget.”
Finance Minister Nirmala Sitharaman, on June 20, held the second pre-Budget consultation meeting with leading experts of the financial and capital markets sector. Following the meeting, Nilesh Shah, MD, Kotak Mahindra AMC, said, “I shared with the Honourable Finance Minister that under the aegis of our regulator SEBI, mutual funds have spread financial awareness. We have enlisted more than 4 crore Indians to participate in the journey of Viksit Bharat and secure their financial freedom.”
Finance Minister Nirmala Sitharaman held her third pre-Budget consultation meeting with industry leaders and associations. After the meeting, PHDCCI said that the association suggested the ministry to bolster the manufacturing sector, support consumption demand and provide relief to middle income groups with rationalization of tax slabs. Meanwhile, Subhrakant Panda, Immediate Past President, FICCI, also emphasized the need to continue supporting the growth momentum by energizing demand, laying thrust on infrastructure development, taking further measures to rein in food inflation, supporting MSMEs and prioritizing innovation and research & development in the country.
On June 24, Finance Minister Nirmala Sitharaman chaired the sixth pre-Budget consultation with representatives of trade unions and labour organisations to gather suggestions for the forthcoming General Budget 2024-25, in New Delhi.
On June 25, Finance Minister Nirmala Sitharaman chaired the seventh pre-Budget consultation with representatives of trade and services to take suggestions for the upcoming General Budget 2024-25, in New Delhi. The meeting was also attended by Union Minister of State for Finance; Finance Secretary and Secretary, D/o Expenditure; Secretaries of Department of Economic Affairs; Ministry of Commerce and Industry; and Chief Economic Adviser, Government of India.
On June 25, Union Minister for Finance & Corporate Affairs Nirmala Sitharaman chaired the eighth pre-Budget consultation with experts from the employment and skill development sectors to take suggestions for the forthcoming General Budget 2024-25, in New Delhi. The consultation meeting was attended by the Finance Secretary and Secretary, D/o Expenditure; Secretaries of Department of Economic Affairs; Ministry of Skill Development and Entrepreneurship; and Ministry of Labour; and Chief Economic Adviser, Government of India.
On June 21, Finance Minister Nirmala Sitharaman held a pre-Budget consultation meeting with the representatives from farmer associations and agriculture economists. The meeting was attended by Minister of State for Finance, Pankaj Chaudhary, Finance Secretary TV Somanathan, Chief Economic Adviser, V Anantha Nageswaran, Secretary Department of Economic Affairs and senior officers from the Agriculture Ministry.
Union Minister for Finance and Corporate Affairs Nirmala Sitharaman, on June 22, chaired a pre-Budget consultation with finance ministers from states and union territories. The objective of the meeting was to gather insights and recommendations for the upcoming Union Budget 2024-25.
While addressing a joint sitting of Parliament today, President Droupadi Murmu said that the Union Budget will be a futuristic document and all reforms will be fast-tracked.
“In the upcoming sessions, this government will present the first budget of this term. This budget will be an effective document of the government’s far-reaching policies and futuristic vision. Along with big economic and social decisions, many historic steps will also be seen in this budget,” Droupadi Murmu said.
The Monsoon Session of Parliament is slated to begin on July 22, according to sources. It is likely to continue until August 9. The government is expected to present the Union Budget for 2024-25 during the Monsoon Session.
Finance Minister Nirmala Sitharaman is expected to table the Union Budget for the fiscal year 2024-25 in the Parliament on July 23 or 24, sources told FinancialExpress.com. However, there has been no official announcement on the date of the presentation of the Budget. The Budget is expected to be tabled on the first day of the Monsoon Session of the Parliament, which is likely to commence on July 22.
Nirmala Sitharaman had, on February 1, 2024, presented the interim budget for 2024-25 in the Parliament.
With the commencement of the Lok Sabha session on June 24, Prime Minister Narendra Modi took oath as member of the 18th Lok Sabha. This marks the first session of the 18th Lok Sabha following the general elections, in which the NDA secured 293 seats, the INDIA bloc obtained 234 seats, and the Congress party held 99 of those seats.
With the government preparing its full Budget for FY25, North Block, which houses the finance ministry in New Delhi, is ‘quarantined’ starting June 13 until the Budget is presented in July. The ministry will remain out of bounds for visitors and media till the Union Budget is tabled in the Parliament.
According to a report by PTI, all the entry and exit points of the finance minister, during the ‘quarantine’ period, are guarded by security personnel while the Intelligence Bureau (IB) personnel, assisted by Delhi police, keep a close watch on the movements of people entering the rooms of the officials working on the Budget.
After the finance minister Nirmala Sitharaman took charge, she instructed officials to start the budget formulation process. She stressed on the importance of meticulous planning and thorough analysis. The early start of the preparation for the Union Budget is aimed to ensure that it is well-structured and effectively addresses the country’s economic priorities and even challenges.
On June 12, Nirmala Sitharaman formally took charge as the Finance and Corporate Affairs Minister of the newly formed NDA government. The finance minister is expected to soon table the Union Budget for FY25. She noted that the government is fully committed to ensuring ‘Ease of Living’ for its citizens and will continue to take further steps in this regard.
Om Birla, a three-time BJP MP, was re-elected as the Lok Sabha Speaker for a second term on June 26. He won against the INDIA bloc’s candidate, Congress’ Kodikunnil Suresh, through a voice vote. Initially elected as Speaker of the 17th Lok Sabha in 2019 through unanimous support, Om Birla now becomes the first presiding officer to be re-elected in two decades.
After his re-election, Prime Minister Narendra Modi in his praise highlighted the Speaker’s crucial role in meeting the lower house’s expectations. “It is a matter of honour that you have been elected to this chair for the second time. I congratulate you on behalf of the entire House and look forward to your guidance for the next five years. Your sweet smile keeps the entire House happy,” he said.
Greetings! Welcome to the live coverage of Budget 2024-25. Here, we will keep you updated with all the announcements about the probable date when Finance Minister Nirmala Sitharaman is expected to table the Budget.
We will also talk about all the keymetrics and economic parameters that may or may not affect the announcements in the annual Budget. Stay tuned with financialexpress.com.