Finance Minister Nirmala Sitharaman is set to present the Union Budget for the fiscal year 2024-25 in the Lok Sabha on July 23. This budget session, which will run from July 22 to August 12, is particularly noteworthy as it marks the first budget presentation by the newly re-elected Narendra Modi-led government, also known as Modi 3.0, following its historic third-term victory earlier this year.
The announcement was confirmed following the approval from the President of India, Droupadi Murmu, who sanctioned the proposal to convene both houses of Parliament during this period. The official schedule was shared by Union Minister of Parliamentary Affairs Kiren Rijiju, who took to X (formerly known as Twitter) to inform the public.
"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," Rijiju announced on social media.
This budget session holds considerable significance as it will be the first budget of the BJP-led National Democratic Alliance (NDA) government in its new term. The Modi government secured a third consecutive term in the general elections, further solidifying its political mandate.
As the budget session approaches, expectations are high among various sectors of the economy. The government is anticipated to address several key issues, including economic recovery post-pandemic, employment generation, and infrastructure development. Additionally, there are speculations about potential reforms in taxation, agriculture, and social welfare schemes aimed at bolstering economic growth and enhancing the quality of life for citizens.
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Economic experts and industry leaders are keenly awaiting the announcements, hoping for policies that will stimulate investment, boost consumer confidence, and drive sustainable development. The budget is also expected to outline the government's vision for the next five years, providing a roadmap for achieving its long-term economic goals.
Given the government's previous track record, there is anticipation for continued focus on digital transformation, green energy initiatives, and measures to improve ease of doing business in India. The Modi administration's commitment to infrastructure development is also likely to feature prominently, with potential new projects and funding allocations to accelerate progress.
The upcoming budget presentation will be closely watched, not just for its economic implications, but also for its political significance, as it sets the tone for the Modi government's third term and its future policy direction.
