Finance Minister Nirmala Sitharaman is set to present the full Budget for 2024-25 next week on Tuesday, July 23. This will mark the first Budget of the Modi 3.0 government and her seventh consecutive Budget presentation. The Budget is anticipated to drive initiatives across various economic segments, aligning with the Viksit Bharat 2047 Vision, while maintaining fiscal prudence.
Date and Timing of the Union Budget 2024-25 Presentation
The Union Budget 2024-25 will be presented on July 23 in the Lok Sabha, with Finance Minister Nirmala Sitharaman beginning her Budget Speech at 11 am. This will be her seventh Budget Speech, making her the second finance minister in India to achieve this.
Where Can You Watch the Union Budget 2024-25 Live Stream?
The Union Budget 2024 will be live-streamed on various platforms. It can be watched live on CNN-News18 and News18 TV channels, along with in-depth analysis. Additionally, the Budget Speech will be live-streamed and broadcast on the India Budget’s website, Sansad TV, Doordarshan TV channels, and their YouTube channels.
The duration of the Budget Speech varies based on its content. Sitharaman’s longest Budget Speech was in 2020, lasting 2 hours and 40 minutes, making it India’s longest Budget Speech. Her shortest was the Interim Budget 2024, at 56 minutes. The shortest Budget Speech in India was delivered by Hirubhai M. Patel, who presented an 800-word interim budget for 1977-78.
Historical Context
India’s first Union Budget was presented by James Wilson on April 7, 1860. In independent India, the first Union Budget was presented on November 26, 1947, by R.K. Shanmukham Chetty.
Most Budget Presentations
C.D. Deshmukh, who served as India’s finance minister from 1950 to 1956, holds the record for presenting the highest number of Union Budgets, with seven presentations including an interim one in 1952. Nirmala Sitharaman will become the second finance minister to present seven Budgets and is among the longest-serving finance ministers of India.
Full Budget Vs Interim Budget Vs Vote-on-Account
A full Union Budget covers the receipts and expenditures for the entire year, while an interim Budget is typically for a shorter period, often presented in an election year. The Budget is referred to as the ‘Annual Financial Statement’ under Article 112 of the Constitution of India. A vote on account, outlined under Article 116, covers short-term expenditure needs while the Appropriation Bill is being passed in Parliament.
Also read: Budget 2024: 7 Expected Income Tax Benefits from Finance Minister Nirmala Sitharaman on July 23
Budget 2024-25: Major Expectations
Expectations for the Budget 2024-25 include potential income tax relief and measures to stimulate growth. India’s tax slabs have not changed since 2012-13. The government is likely to reduce its fiscal deficit target to 5% in the full Budget 2024-25, down from 5.1% in the interim Budget, due to increased tax collections and a surplus transfer of Rs 2.1 lakh crore from the RBI.
This first Budget of the Modi government’s third term is expected to outline the economic vision for 2030 and 2047. Potential uses of the 0.33% fiscal space created by the RBI surplus may include increased allocations for RoDTEP, marginal increases in capital expenditure, tax cuts, tax incentives, rural development, affordable housing incentives, and support for manufacturing and MSMEs. Additional spending may be directed towards education and healthcare, according to economist Sandeep Vempati of the BJP.