Summoning of Parliament for Budget Session 2024
The Hon’ble President of India, on the recommendation of the Government of India, has approved the proposal for summoning both Houses of Parliament for the Budget Session 2024. The session will commence on July 22, 2024 and conclude on August 12, 2024, subject to the exigencies of parliamentary business.
Union Budget 2024-25 Presentation
Union Finance Minister Nirmala Sitharaman will present the Union Budget 2024-25 for the financial year 2024-25 on July 23, 2024. This will be Sitharaman’s seventh consecutive budget, including six full budgets and one interim budget.
Significance of the Union Budget 2024-25
The upcoming Union Budget 2024-25 holds immense significance as it will be the first budget presented by the recently re-elected NDA government led by Prime Minister Narendra Modi in its third term. The budget is highly anticipated, with the President of India, Droupadi Murmu, stating that it will see “many historic steps” and that the pace of reforms will be further accelerated to meet the aspirations of the people of India for rapid development.
Sitharaman’s Tenure as Finance Minister
Nirmala Sitharaman assumed office as the Finance and Corporate Affairs Minister of the recently established NDA government on June 12, 2023. She is expected to unveil the FY25 Budget, aligning with the Modi 3.0 government’s focus on ‘Viksit Bharat’ (Developed India).
Sitharaman’s Commitment to Improving Quality of Life
In her address to a joint sitting of Parliament, Sitharaman reaffirmed the government’s commitment to maintaining policy consistency and improving the quality of life for citizens. She promised ongoing efforts to achieve this goal.
Pre-Budget Consultations with Industry Stakeholders
Ahead of the Union Budget 2024-25, Finance Minister Nirmala Sitharaman held pre-budget consultations with industry stakeholders from June 20, 2023. These consultations are crucial in shaping the government’s economic policies and priorities for the upcoming financial year.
Expectations from the Union Budget 2024-25
Expectations from the Union Budget 2024-25 have been high, further fueled by the President’s statement that the budget will see “many historic steps.” Analysts and experts are anticipating major economic and social decisions, as well as a futuristic vision for the country’s development.
Interim Budget for FY24 and Sitharaman’s Record
Earlier this year, on February 1, 2023, Nirmala Sitharaman tabled the Interim Budget for FY24 ahead of the Lok Sabha elections. The upcoming Union Budget 2024-25 will be Sitharaman’s seventh consecutive budget, a record in the history of independent India.
Alignment with Modi 3.0 Government’s Focus
The Union Budget 2024-25 is expected to align with the Modi 3.0 government’s focus on ‘Viksit Bharat’ (Developed India), with a strong emphasis on social and economic development initiatives.
Promises of Major Decisions and Historic Steps
In her address to the joint sitting of Parliament, Sitharaman stated that major social and economic decisions will be a highlight of the upcoming budget. The President’s assertion that the budget will see “many historic steps” has further heightened the anticipation surrounding the document.
Consistency in Policy and Commitment to Improving Quality of Life
Nirmala Sitharaman has reaffirmed the government’s commitment to maintaining policy consistency and improving the quality of life for citizens. This commitment is expected to be reflected in the Union Budget 2024-25.
Conclusion
The summoning of both Houses of Parliament for the Budget Session 2024, the presentation of the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman, and the high expectations surrounding the budget, all point to a significant moment in India’s economic and political landscape. The budget is anticipated to unveil major social and economic decisions, as well as a futuristic vision for the country’s development, aligning with the Modi 3.0 government’s focus on ‘Viksit Bharat.’