FinMin to present Budget on July 23

New Delhi: Finance Minister Nirmala Sitharaman will present the Union Budget 2024-25 on July 23, Parliamentary Affairs Minister Kiren Rijiju announced on Saturday. The Budget Session of Parliament will start on July 22 and extend till August 12. “Hon’ble President of India, on the recommendation of the 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,” the Parliamentary Affairs Minister said on X. After having presented an interim budget ahead of the Lok Sabha polls, the Finance Minister will now present the full budget for 2024-25 that ensures the economy continues on the high growth trajectory and creates more jobs during the Modi 3.0 government. Given the low fiscal deficit, the hefty Rs 2.11 lakh crore dividend from the RBI and the buoyancy in taxes, the Finance Minister has a lot of headroom for pushing ahead with policies aimed at accelerating growth and implementing social welfare schemes aimed at uplifting the poor.

Prime Minister Modi has already declared that “the next 5 years will be a decisive fight against poverty.” Sitharaman will be presenting the budget at a time when the Indian economy has clocked a robust 8.2 per cent growth in 2023-24, which is the fastest among the world’s major economies, and inflation coming down to below 5 per cent. The RBI has stated that the economy is headed to an over 8 per cent growth trajectory. The fiscal deficit has also been reduced from more than 9 per cent of GDP in 2020-21 to the targeted level of 5.1 per cent for 2024-25.

This has strengthened the macroeconomic fundamentals of the economy. S& P Global Rating raised India's sovereign rating outlook to 'positive' from 'stable', citing the country's improving finances and strong economic growth.