Finance Minister Nirmala Sitharaman has begun presenting her seventh consecutive Union Budget for 2024-25 today, July 23, during the Budget Session of Parliament. This makes her the first finance minister to deliver seven consecutive Budget speeches, surpassing former Prime Minister Morarji Desai’s record of six consecutive budgets from 1959-1964. This budget also marks the first full financial budget of the Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government in its third consecutive term.
The Union Budget is an annual financial statement from the central government that outlines its proposed expenditures and revenues for the upcoming fiscal year (FY25), running from April 1, 2024, to March 31, 2025. It reviews the government’s achievements over the past financial year and sets goals and allocations for the year ahead, aiming to address policy requirements and plan future expenditures.
The Budget Session of Parliament, which began on July 22, saw Sitharaman table the 2024 Economic Survey document a day before presenting the Union Budget. The session is expected to have 16 sittings over 22 days and is scheduled to conclude on August 12.
Finance Minister Nirmala Sitharaman announced an allocation of ₹1.52 lakh crore for agriculture and allied sectors. Additionally, 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops will be released for cultivation. Over the next two years, 1 crore farmers will be introduced to natural farming, supported by certification and branding.
Union Finance Minister Nirmala Sitharaman stated, “As mentioned in the interim Budget, we need to focus on four key groups: the poor, women, youth, and farmers. For farmers, we announced higher Minimum Support Prices for all major crops, ensuring at least a 50% margin over cost. The PM Garib Kalyan Anna Yojana was extended for five years, benefiting more than 80 crore people.”
The Finance Minister also announced a PM package of five schemes to facilitate employment and skilling. The Modi 3.0 government has allocated ₹2 lakh crore for education, employment, and skilling.
Finance Minister Nirmala Sitharaman announced that the government will provide financial support for education loans up to ₹10 lakhs for higher education in domestic institutions.
Additionally, the government will implement three schemes for employment-linked incentives as part of the Prime Minister’s package. These schemes will be based on enrollment in the EPFO, focusing on recognizing first-time employees and supporting both employees and employers.
The Union Budget 2024-25 also proposes revising the Model Skill Loan Scheme to assist 25,000 students each year.
E-vouchers for loans up to ₹10 lakhs for higher education in domestic institutions will be given directly to 1 lakh students annually, providing an interest subvention of 3% on the loan amount.