Budget 2024 Date Highlights: When will Finance Minister Nirmala Sitharaman announce Union Budget 2024?

At the start of the year, the finance minister presented an interim budget on February 1st. This interim budget serves as a temporary financial plan to sustain government operations until the new budget is enacted. It includes expenditure plans and key allocations but typically refrains from introducing major new policies or reforms. This approach ensures continuity and stability in governance until a new government assumes office following the elections.

– Direct Benefit Transfer (DBT) has resulted in savings of ₹2.7 lakh crore.

– 25 crore people have risen out of multidimensional poverty.

– 78 lakh street vendors have received credit assistance through the PM-SVANidhi scheme.

By using a dual budget, the incoming government can implement its financial plans and policies without the outgoing government committing to long-term projects or significant policy changes right before an election. In India, this strategy is commonly adopted during election years to facilitate the transition between administrations.

The exact date for Budget 2024 has not been officially announced yet. There is ongoing debate about whether to hold a single budget session or split it into two. In the coming days, the government will decide, with a possible inclination towards dividing the session into two parts: a motion of thanks and the budget presentation.

The 52nd GST Council meeting, held on October 7, 2023, was presided over by Union Finance Minister Nirmala Sitharaman and attended by Finance MoS Shri Pankaj Chaudhary, the Revenue Secretary, Chairman CBIC, Member CM, Member GST, Member TP and senior officers from Union Government and States. In its October meeting, the GST Council decided to impose a 28 per cent levy on online gaming, casinos, and horse racing.

Later in the March GST meeting, the council postponed the review of the 28 per cent levy imposed on the proceeds from online gaming.

The 53rd GST Council Meeting will be held on June 22, 2024.

India’s factory output growth, as measured by the Index of Industrial Production (IIP), fell to a three-month low of 5% in April as against 5.4% in March, due to a drop in manufacturing activity, data released by the National Statistical Office (NSO) showed.

Manufacturing output’s growth during April eased to 3.9% from 5.8% in March, whereas mining growth rose to 6.7% from 1.3%. Electricity output’s growth also increased to 10.2% in April from 8.6% in March.

Food inflation during May decreased marginally to 8.69% from 8.70% in April. The drop in inflation was witnessed in spices, meat and fish, sugar, milk and products, and even vegetables, though slightly, data released by the National Statistical Office (NSO) showed.

May internals showed that the index of all major food subgroups rose during the month, barring spices. The index of vegetables, egg, meat and fish, rose 3.2%, 2.6%, and 1.5%, respectively during the month; while that of cereals remained unchanged, oils and fats inched up 0.1% and spices declined by 0.9%.

The present heatwave has taken a toll on vegetable supplies with prices of potatoes, tomatoes and onions rising which will continue for another month or two, say economists.

India’s retail inflation, based on the Consumer Price Index (CPI), fell to a 12-month low of 4.75% in May from 4.83% in April, mainly due to the high base effect and easing food prices, data released by the National Statistical Office (NSO) showed.

A day after Nirmala Sitharaman formally assumed charge as Union Minister of Finance and Corporate Affairs, the government announced the date of the 53rd GST Council meet, which will be held on June 22 in New Delhi.

“The 53rd meeting of the GST Council will be held on 22nd June, 2024 at New Delhi,” the official handle of GST Council on X, stated.

Moraji Desai holds the record for presenting the most number of budgets, presenting 10 during 1962-69, wherein eight were full budgets and two were interim budgets.

The then Finance Minister Mulljibhai Patel delivered the shortest Budget speech with only 800 words, in the year 1977.

The first Union Budget of independent India was presented by RK Shanmukham on November 26, 1947.

Former Prime Minister Indira Gandhi was the first woman to present the Union Budget for 1970-71 as she took on the role following the resignation of the then Finance Minister Moraji Desai. Indira Gandhi also earned the title of first female finance minister of India. She held the post only briefly.

Despite the high security, the Union Budget was leaked in 1950 when the then Finance Minister John Mathai was set to present the Union Budget in the parliament. After the leak, the printing of the Budget was shifted from Rashtrapati Bhawan to Minto Road. After 1980, the budget printing process shifted to the North Block basement.

The Union Budget was printed exclusively in English until 1955. However, after 1955.56, the Budget was presented in both English and Hindi and this was initiated by the then Finance Minister CD Deshmukh.

Over a week before the presentation of the Union Budget, the finance ministry hosts a ‘halwa ceremony’, which marks the beginning of the process of printing the Union Budget. The ceremony takes place in the basement of the finance minister in Delhi. Once this is done, all the staff of the ministry work in isolation for the next 9-10 days in order to maintain the secrecy of the process.

These are expenses for running government departments and services, like paying salaries and pensions, covering administrative costs, paying interest on debt, and providing subsidies. However, they don’t lead to the creation of assets.

FM Sitharaman didn’t introduce any new rules or changes in taxes in the Interim Budget.

At the beginning of the year, the finance minister shared an interim budget on February 1. This interim budget is like a temporary money plan to keep the government going until the new one starts. It covers spending and important money allocations but usually doesn’t introduce big new policies or changes. This helps keep things running smoothly until a new government comes in after the election.

The specific date and time of the budget presentation will be confirmed later, pending the announcement of Parliament’s Monsoon Session schedule. In a year with general elections, the full-year budget is usually unveiled in the initial or second week of July.

Finance Minister Nirmala Sitharaman will be presenting the Union Budget 2024 under the Modi 3.0 Cabinet. She had also presented the interim Budget on February 1, 2024.

The Budget is expected to be presented in Parliament during the week of July 15-21.

The Finance Minister emphasizes that the government will implement economic policies designed to foster and sustain growth, enhance productivity, and create opportunities for everyone to develop their capabilities.

Guided by the principle of “Reform, Perform, and Transform,” the government plans to undertake next-generation reforms.

Aligned with the Panchamrut goals, our focus will be on achieving more efficient and sustainable growth. To meet investment needs, we will develop a financial sector that has the necessary scale, capacity, and regulatory frameworks.

“Our government stands committed to creating an economy with high growth and an environment that enables people to meet their aspirations,” says FM Sitharaman.

“Every challenge of the pre-2014 era was overcome through our economic management and governance. This has placed the country on a sustained path of high growth. In the full Budget in July, our government will present a detailed roadmap for our pursuit of Viksit Bharat.”

In the interim Budget released on February 1, the corporate tax rate has been reduced from 30% to 22% for existing companies, with a special rate of 15% for certain new manufacturing industries.

The Interim Budget avoided extravagant populist promises, focusing instead on fiscal discipline by capping the fiscal deficit for FY2024-25 at 5.1%. A key highlight is the central government’s decision to significantly boost capital expenditure to an impressive Rs 11.11 trillion, setting the stage for long-term economic growth.

On February 1, Finance Minister Nirmala Sitharaman presented her sixth consecutive Budget, delivering a speech that lasted 56 minutes—her shortest ever.

During her press conference, the Finance Minister spotlighted significant announcements outlined in the Interim Budget:

– Expansion of PM AWAS Yojana to accommodate an additional 2 crore homes.

– Initiative for housing aimed at the middle class.

– Introduction of rooftop solar power generation for at least 300 units.

– Augmentation of the target for Lakhpati Didi.

– Empowerment and preparation of MSMEs for global growth and competition.

– Special focus on the Eastern region, including Bihar, Odisha, Jharkhand, West Bengal, and Chhattisgarh.

– Commitment to implementing next-generation reforms.

– Development of three major railway corridors, with an addition of 40,000 coaches to match the standards of Vande Bharat.

– Emphasis on urbanization, particularly through metro projects and the NaMo Bharat initiative.

– Allocation of a corpus of Rs. 1 lakh crore for Research and Innovation.

– Stimulus to boost tourism.

The fiscal deficit represents the variance between a government’s yearly revenue and expenditure, illustrating the disparity between its earnings and outlays.

The journey of budget presentation in India has been interesting – from briefcase to bahi khata, and now tablet. In 2019, Finance Minister Nirmala Sitharaman gave a desi avatar to the budget by replacing the old ‘budget briefcase’ with a ‘bahi khata’. During her first Budget, FM carried a red-colored ‘bahi khata’ in 2019 instead of a briefcase. Later, the Union Budget of 2021-22 was presented by Finance Minister Nirmala Sitharaman on a digital tablet.