After the 18th Lok Sabha election win, the NDA-led government will present its first Union budget for 2024-25 on 23 or 24 July 2024 as the new government in the lower house of Parliament. Indians are speculating about the Union budget after the election, let’s see what you can expect from the upcoming budget.
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Union Budget 2024-25 Date
Nirmala Sitharaman has again taken the oath as the Finance Minister of the PM Modi-led Cabinet ministry. The first session of the 18th Lok Sabha was rolled in after the oath ceremony of PM and cabinet ministers, now all eyes are on the upcoming Union budget for 2024-25.
The citizens, businessmen, and other stakeholders are wondering about the roadmap for the next five years. According to the reports, FM Nirmala Sitharaman will present the Union budget in the monsoon session, which will commence on 22 July 2024. According to the sources, the Monsoon session will go on till 9 August 2024.
The Ministry of Finance has not disclosed any official date of the Union budget 2024-25. According to reports, the FM is most likely to present the Union Budget on 23 or 24 July 2024 Monsoon Session. Earlier on 1 February 2024, the FM presented the interim budget 2024-25 before the election.
Proceedings before the Union Budget Presentation
The Union Budget of India presents the Annual financial statement set by the Finance Ministry for the following year with the expenditures, government spending, and expected revenue to forecast the economic conditions with the government policy.
Here is the process of the Union budget that the Ministry follows before the budget presentation:
- Before the presentation of the budget, the FM issues a circular to the ministries, states, UTs, and autonomous bodies to submit their budget estimation, expenditure, and revenue projections for the making of the budget. The chief economic advisor overviews the nation’s economic conditions, policies, and other economic prospects.
- The FM arranges pre-budget meetings with different leading economists, financial experts, leaders, ministries, labor organizations, and other stakeholders to consult and discuss the recommendations and requirements of the stakeholders. Nirmala Sitharaman took charge of the FM office on 12 June 2024, and since then she has chaired the six pre-budget meetings with different stakeholders to discuss and gather insights for the Union budget for 2024-25.
- The m ministry will announce the budget around 10 days before presenting the budget. Within these ten days, the printing of the budget will commence with the customary Halwa Ceremony.
- The Ministry will announce the lock-in period to keep the secrecy of the Union budget and will perform the Halwa Ceremony within this period, where all the officers and support staff of the Finance Ministry will enjoy the Halwa served by the FM.
- After the lock-in period, the FM will present the Union budget in the Lok Sabha after getting the assent from the President of India.
Expectations from the upcoming Union Budget 2024
After the third consecutive win and government, the citizens of India, businessmen, farmers, and every other sector have some expectations from the upcoming Union budget 2024-25. Let’s see what we can expect from the Union Budget 2024:
- Improvement in the tax regime and tax relief: Many experts and Indias are looking forward to improving and enhancing the tax regime from the current government. There‘s been a proposal to raise the Section 80 deduction from the last received limit to provide some tax relief to the taxpayers.
- More tax relief measures: Many expect the government to introduce tax reforms that will reduce the burden on taxpayers, especially for lower-income brackets to strengthen the purchasing power of the taxpayers. After the 53rd GST meeting, the budget can be focused on stimulating GST collections.
- EV industry: The EV industry has immense growth potential in India and the government is determined to make it easier for the people to choose EVs. The Union budget can have something for the EV industry to boost its growth in India.
- Green taxation: With the Union Budget 2024, the government can expand the green energy taxation to reach its climate goals and adopt cleaner technologies to make India more sustainable.
The government can include more tax incentives to encourage investments in green energy and sustainable practices. The government has announced the biggest-ever fund for the education sector for FY 2023-24 of ₹1.12 lakh crore, so we can expect some funds for the education sector.
Where to watch the Union Budget 2024 presentation?
The Union Budget 2024 will be live-streamed on Sansad TV and the national TV channel Doordarshan. You can even watch FM presenting on the Union budget for FY 2024-25 on the YouTube channel of the respective channel from anywhere.
FM Nirmala Sitharaman has begun the pre-budget meetings with different stakeholders, so you can soon expect the announcement of the Union budget 2024 before the commencement of the Monsoon session.
The 2024 Union budget holds great importance as it will reveal the roadmap for the next five years of the newly formed government after its third consecutive win in the election.