The stage is set for Finance Minister Nirmala Sitharaman to unveil the inaugural Union Budget of Prime Minister Narendra Modi's third term on July 23, 2024. This significant fiscal event, sanctioned by President Droupadi Murmu, will kick off a budget session from July 22 to August 12.
Where to watch?
Scheduled to commence at 11 am in the Lok Sabha, the budget presentation will be broadcast on multiple official platforms, including the Parliament's channels, Doordarshan, Sansad TV, and the government's YouTube channels.
For digital viewers, access to budget documents in both Hindi and English will be facilitated through the Union government's official web portal, www.indiabudget.gov.in. The portal will contain vital financial statements, finance bills, and grant requests in accordance with constitutional stipulations.
Understanding the Union Budget
The Union Budget has two components: Revenue and capital budget. These two components are further divided into receipts and expenditures.
The government's daily expenses, such as those for public services, as well as its gains from taxes and non-tax sources, such as fees and fine collection, are detailed in the revenue budget. Conversely, the capital budget primarily concerns long-term investments such as infrastructure and long-term debt.
Article 112 of the Constitution states that an annual overview of the government's projected receipts and expenditures must be laid before Parliament.
Union Budget: why in July?
Traditionally, the Budget is unveiled at the start of February, but an Interim Budget is presented by the ruling government in the year preceding general elections. Now, it is going to be presented on July 23 as a new government has taken charge after the general elections.
Interim Budget
In an earlier parliamentary session, the government unveiled the Interim Budget for 2024-25 with a vision for 'Viksit Bharat' by 2047, focusing on inclusive and comprehensive development goals.
Moreover, in the interim budget, the Finance Minister revised the fiscal deficit target for FY25 to 5.1 percent of GDP, alongside the announcement that there would be no alterations to tax slabs under both old and new regimes.
The green light for the full budget presentation was granted by President Droupadi Murmu on July 6, as confirmed by Minister of Parliamentary Affairs Kiren Rijiju.
"This move signals the commencement of the Budget Session 2024, slated from July 22 to August 12, subject to parliamentary exigencies. The Union Budget, 2024-25, will be unveiled in Lok Sabha on July 23, 2024," stated Minister Rijiju.
This legislative session will mark the first comprehensive term after the swearing-in ceremony of the 18th Lok Sabha members, and the following session will be held between June 24 and July 2.