The upcoming Union Budget for the financial year 2024-25 will be presented by Finance Minister Nirmala Sitharaman on July 23, marking her seventh consecutive budget presentation. The budget session of Parliament will start on July 22 and conclude on August 12, as announced by Parliamentary Affairs Minister Kiran Rijuju. Sitharaman has been conducting pre-budget consultations with economists, finance experts, industry representatives, and agriculture experts to gather inputs for the upcoming budget. Industry bodies like the Confederation of Indian Industry (CII) have urged the government to increase capital expenditure in the budget.
Sitharaman had previously presented an interim budget in February this year, where she announced an 11.1% increase in capital expenditure outlay for the next year to Rs 11,11,111 crore, which would be 3.4% of the GDP. Additionally, the government announced the establishment of a Rs one lakh crore corpus with a five-year interest-free loan for the youth. The budget session dates were confirmed by Rijuju, with the Union Budget 2024-25 set to be presented in Lok Sabha on July 23. The Modi government’s return to power for the third successive term in the general elections sets the stage for the upcoming budget session.
With the BJP-led National Democratic Alliance back in power, the focus now shifts to the priorities and allocations to be highlighted in the upcoming budget. Industry stakeholders are keenly awaiting the budget announcements, with a particular emphasis on capital expenditure and economic policies that will drive growth and development. The government’s commitment to increasing capital expenditure in crucial sectors is expected to be a key highlight of the budget. As the government navigates the economic recovery post-pandemic, the budget will play a crucial role in setting the tone for the country’s economic trajectory in the coming year.
Sitharaman’s consultations with various stakeholders indicate a concerted effort to gather diverse perspectives and inputs for formulating a comprehensive budget that addresses the needs of different sectors of the economy. The involvement of industry representatives, finance experts, and agriculture stakeholders in the pre-budget consultations reflects a collaborative approach to budget planning. The focus on increasing capital expenditure and promoting youth-centric initiatives underscores the government’s commitment to driving sustainable growth and addressing key challenges facing the country.
The presentation of the Union Budget by Sitharaman, the first woman to hold the position of Union Finance Minister for seven consecutive budgets, marks a significant milestone in India’s budgetary history. With the budget session set to begin on July 22, all eyes will be on the Finance Minister as she unveils the government’s fiscal plans for the upcoming financial year. The budget announcements are expected to provide insights into the government’s economic priorities, investment plans, and strategies for ensuring inclusive growth and development across various sectors. As the country looks towards economic recovery and long-term sustainability, the Union Budget 2024-25 will play a critical role in shaping India’s economic landscape in the post-pandemic era.
