The upcoming Monsoon Session of Parliament, set to commence on July 22, will see Union Finance Minister Nirmala Sitharaman present her seventh consecutive Union Budget. This will make her the first Finance Minister to present seven consecutive budgets, breaking the record of Morarji Desai’s six budget presentations. The budget, like the previous few, will be delivered in a paperless form. Preparation for the budget involved meetings with various stakeholders of the economy, including trade unions, industry bodies, economists, and representatives from different sectors such as education, health, and agriculture.
Economists and industry bodies have made several suggestions to the Finance Ministry during the budget preparation process. Economists have emphasized the need to reduce the fiscal deficit in the upcoming budget, focusing on capital expenditure and employment generation. The Confederation of Indian Industry (CII) has recommended increasing capital expenditure in the budget. Farmer associations have called for enhanced budgetary allocation for the agriculture sector. Representatives from the skilling and employment sectors have also suggested ways to skill the youth for better workforce utilization.
The Monsoon Session, scheduled to have 19 sittings until August 12, is expected to see the Modi government present six bills, including the Aircraft Act and Parliament’s approval for the budget of Jammu and Kashmir. The government will also present the Finance Bill after the budget announcement on July 23. Among other bills, including the disaster management law and bills related to the promotion and development of various sectors, the Bhartiya Vayuyan Vidheyak 2024 is set to replace the Aircraft Act of 1934, streamlining regulations in the civil aviation sector.
The interim budget, presented on February 1, addressed the financial needs during the period leading up to the formation of a new government after the Lok Sabha polls. The Union Budget documents will be available on the Union Budget Mobile App for convenient access by Members of Parliament and the public. The app, available in both English and Hindi on Android and iOS platforms, can also be downloaded from the Union Budget Web Portal. Overall, the upcoming Union Budget is anticipated to focus on reducing the fiscal deficit, boosting capital expenditure, generating employment growth, and addressing the needs of various sectors of the economy.
