Finance Minister Nirmala Sitharaman is expected to present the Union Budget for the 2024-25 fiscal year in the last week of July, according to PTI reports. Sources indicate that Sitharaman will hold pre-budget consultations with industry chambers on June 20.
Prior to the consultations with the Finance Minister, Revenue Secretary Sanjay Malhotra is scheduled to meet with industry representatives on June 18. The upcoming 2024-25 Budget will outline the economic agenda for Prime Minister Narendra Modi's third term, focusing on boosting growth while managing inflation and securing necessary resources for the coalition government.
Key objectives for the budget include fast-tracking reforms to transform India into a USD 5-trillion economy and achieving the vision of 'Viksit Bharat' by 2047. The Reserve Bank of India (RBI) projects the Indian economy to grow by 7.2% in the current fiscal year, driven by improving rural demand and moderating inflation. This announcement follows the RBI's highest-ever dividend declaration of ?2.11 lakh crore for FY24.
For Prime Minister Modi's third term, the government's priorities will include addressing agricultural sector challenges, job creation, sustaining capital expenditure momentum, and enhancing revenue growth to maintain fiscal discipline.
Nirmala Sitharaman is set to present her seventh consecutive budget, surpassing the record of Morarji Desai, who presented six budgets consecutively six decades ago. Sitharaman is also notable for being the only woman to serve as India's finance minister for two consecutive terms.
In the interim Budget 2024, presented earlier this year, the government increased the capital expenditure target by 11.1% to ?11.11 lakh crore for the fiscal year starting April 1, which constitutes 3.4% of the country's GDP.
