Union Budget 2024 Date Highlights: Finance Minister Nirmala Sitharaman on July 23 will present the Union Budget 2024-25, with policymakers advocating for a reconsideration of indirect tax rates to stimulate sluggish consumption. The Budget session will start from July 22 and end on August 12, Parliamentary Affairs Minister Kiren Rijiju said on Saturday. During her speech during the joint session of Parliament, President Droupadi Murmu said that the Union Budget will have many “historic” steps in it and will have major social and economic decisions in it. An interim Budget was presented in February on account of the Lok Sabha elections. The pre-Budget consultations, that was chaired by the Finance Minister, ended today.
Budget 2024 Highlights: Will Nirmala Sitharaman present a ‘please-all’ Budget? Catch all details on date, time, where to watch, Budget Expectations here.
The Budget date is now confirmed. FM Nirmala Sitharaman will now present the Budget on July 23, 2024.
The Budget Session will start on July 22 and continue till August 12.
This will be the 7 full Budget presented by Sitharaman consecutively, thereby surpassing Morarji Desai’s record of presenting 6 consecutive Budgets.
The Budget 3.0 of the Modi government will be presented by BJP leader and Finance Minister Nirmala Sitharaman. Once she presents this Budget, she will become the first finance minister to present seven consecutive Union Budgets, surpassing Morarji Desai, who presented six consecutively.
Minister of Parliamentary Affairs Kiren Rijiju in a post on X said, “Hon’ble President of India, on the recommendation of Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July, 2024 to 12 August, 2024 (Subject to exigencies of Parliamentary Business). Union Budget, 2024-25 will be presented in Lok Sabha on 23 July, 2024.”
Union Budget will be presented by finance minister Nirmala Sitharaman on July 23.
In the Interim Budget 2024 presented on February 1, Finance Minister Nirmala Sitharaman detailed adjustments in allocations for major schemes. The allocation for the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) remained steady at Rs 86,000 crore, consistent with the revised estimate for the fiscal year 2023-24. Read more.
The government has introduced several schemes and policies aimed at bolstering indigenous defence manufacturing. The Defence Production and Export Promotion Policy (DPEPP) 2020 delineates a strategic plan to achieve a turnover of Rs 1,75,000 crore (US$25 billion) in defence manufacturing by 2025. This ambitious target includes an export goal of Rs 35,000 crore (US$5 billion). Read more.
For a country that harbours hopes of becoming a factory to the world and an innovation hub, Naushad Forbes, co-chairman, Forbes Marshall and former president of the Confederation of Indian Industry (CII) hopes the budget will see heightened focus on supporting research and therefore he hopes to see greater mention on the plans for National Research Foundation and more research and development (R&D) fund allocations. Read more.
According to data released by the National Statistical Office (NSO), retail inflation maintained its downward trajectory, reaching a one-year low of 4.75% in May. This decline was primarily attributed to a slight decrease in food prices. Overall, inflation has shown a sequential moderation since January 2024, fluctuating between 5.1% in February and 4.8% in April. Read more on Inflation trends from 2000-2024.
The Reserve Bank of India (RBI) introduced a new quarterly survey called “order books, inventories, and capacity utilization” (OBICUS) for companies in the manufacturing sector. This survey serves as a crucial component in the RBI’s formulation of monetary policy.
Since 2008, the RBI has conducted the OBICUS survey regularly to gather insights into the manufacturing sector’s order books, inventory levels, and capacity utilization rates.
Nirmala Sitharaman, re-elected for her second consecutive term as Finance Minister under the BJP, is expected to present the Union Budget 2024 for the fiscal year 2024–25 in July. If confirmed, she will achieve a milestone as the first finance minister to present seven consecutive Union Budgets, surpassing Morarji Desai’s record of six consecutive presentations.
Hello readers, welcome to FinancialExpress.Com. Stay tuned for live updates on Budget 2024. Follow our live coverage for the latest news, including Budget expectations and expert analysis.