Finance Minister Nirmala Sitharaman is likely to present the Union Budget for FY25 on July 23 or 24, sources have told FinancialExpress.com. However, there is no official statement yet on the date of the presentation of the annual budget. With the National Democratic Alliance (NDA), led by Prime Minister Narendra Modi, securing a third term at the Centre after the general elections, all eyes are now on the upcoming Union Budget. The Budget will be presented with the commencement of the Monsoon Session of the Parliament. Per sources, the Monsoon Session is likely to begin on July 22 and will continue till August 9. Meanwhile, the first session of the 18th Lok Sabha, which commenced on June 24, will go on till July 4 and will close sine die as this is a special session.
Earlier on June 22, Nirmala Sitharaman chaired the 53rd GST Council and deliberated on various proposals to streamline GST applicability across goods and services, and the Council made several recommendations 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.
Nirmala Sitharaman officially assumed charge as the Finance and Corporate Affairs Minister on June 12, while emphasising the government’s dedication to ensuring ‘Ease of Living’ for all citizens and pledged to continue implementing measures to achieve this goal. She chaired six pre-Budget consultations with leading economists, experts of the financial and capital markets sector, industry leaders and associations, farmer associations, and labour organisations.
On June 19, the finance minister chaired the first pre-Budget consultations with leading economists in connection with the forthcoming General Budget 2024-25. A day later, Nirmala Sitharaman held the second pre-Budget consultation meeting with leading experts of the financial and capital markets sector. FM Sitharaman held the third pre-Budget consultation meeting with industry leaders and associations. After the meeting, PHDCCI suggested the ministry to bolster the manufacturing sector, support consumption demand and provide relief to middle income groups with rationalization of tax slabs.
On June 21, Nirmala Sitharaman chaired the fourth 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. OnJune 22, she held 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. Later on June 24, he chaired the sixth pre-Budget consultation with trade unions and labour organisations. The meeting was also attended by Secretaries of the Department of Economic Affairs, Ministry of Finance; Ministry of Labour and Employment; and Chief Economic Adviser, Government of India.
Earlier on February 1, 2024, Nirmala Sitharaman presented the Interim Budget 2024-25, ahead of the general elections. With the presentation of the Union Budget for 2024-25 next month, FM Sitharaman will set a new record and she will become the first finance minister in the country’s history who will deliver seven consecutive Budgets. Currently, she is matching the record set by former Finance Minister Morarji Desai, who had presented six budgets in a row. Once she presents Budget 2024 in the parliament, she will surpass the record of Morarji Desai and will become first finance minister to present 7 budgets in a row. Nirmala Sitharaman has been a Union Minister in all three of the 2014, 2019, and 2024 Modi cabinets.