The full Budget for 2024-25, which is expected to have a slew of measures for the poor and the middle class, will be presented on July 23 in the Budget Session of the Parliament commencing on July 22. The Economic Survey for 2023-24 is expected to be presented on July 22.
“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,” Parliamentary Affairs Minister Kiren Rijiju posted on X.
President Droupadi Murmu, in her address to the joint session of Parliament on June 27, had said the first Budget of the new government would unveil “far-reaching policies and a futuristic vision”. It would also contain major economic and social decisions and many historic steps with the poor, youth, women and farmers at the core of policy making.
The Centre’s expenditure size of Rs 47.65 trillion presented in the interim Budget in February for FY25 would see some increase depending on the new ideas included by the government. Key ratios such as the fiscal deficit are unlikely to vary much.
The dividend of Rs 2.11 trillion from the RBI as against the Budget estimate of Rs 80,000-90,000 crore has given an extra fiscal space of 0.4% of GDP to the Centre.
Besides some new incentives, the government would also improve upon ongoing schemes by tweaking them to add more beneficiaries or increase the benefit for a certain class of people.
The fiscal deficit target, which is projected to be 5.1% in the FY25 interim Budget presented on February 1, may be retained around 5%.