With the formation of the 18th Lok Sabha, all eyes are now on the Modi government’s first budget of its third term. The Union Budget 2024 is one of the most significant events in India’s economic calendar. This budget will be presented by Finance Minister Nirmala Sitharaman, outlining the government’s financial plans and policies for the upcoming fiscal year. In this article, we will explore the key facts related to the Union Budget 2024, including its date, time, and other important details.
18th Lok Sabha First Session Concluded:
The first session of the 18th Lok Sabha, which began on June 24, has concluded. This session included the swearing-in ceremony of the new members and a joint meeting of the Lok Sabha and Rajya Sabha on June 27, addressed by President Droupadi Murmu.
Budget Session from July 22:
The Parliament’s budget session will run from July 22 to August 12. During this session, Finance Minister Nirmala Sitharaman will present the Union Budget for 2024-25. The President, on the recommendation of the Government of India, has approved the proposal to start the budget session from July 22, 2024. Parliamentary Affairs Minister Kiren Rijiju stated in a post on X that the Union Budget 2024-25 will be presented in the Lok Sabha on July 23, 2024, subject to parliamentary requirements.
Union Budget 2024 Date and Time:
The Union Budget for the fiscal year 2024-2025 will be presented by Finance Minister Nirmala Sitharaman on July 23 at 11:00 AM in the Parliament.
Budget Session 2024-25 Key Dates:
- Session Start: July 22, 2024
- Union Budget Presentation: July 23, 2024
- Time: 11:00 AM
- Finance Minister: Nirmala Sitharaman
- Session End: August 12, 2024
Why the Budget is Being Presented in July:
Typically, the Finance Minister presents the Union Budget annually. However, due to the Lok Sabha elections, the budget is being presented twice this year. An interim budget was presented on February 1, 2024, but with the government now formed, the full Union Budget will be presented. This is a common occurrence during general elections.
Recent GST Council Meeting:
Recently, Nirmala Sitharaman chaired the 53rd GST Council meeting, where several GST-related issues were discussed in detail. Various recommendations were made to refine tax rates and service exemptions under the GST regime.
Live Streaming of Union Budget 2024:
The full Union Budget 2024-25 will be live-streamed and broadcasted on various platforms, including:
- Parliament TV
- Doordarshan
- YouTube Channels of Parliament TV and Doordarshan
- Official Website of the Ministry of Finance
Finance Minister to Set a Unique Record:
By presenting this budget, Finance Minister Nirmala Sitharaman will set a unique record. She will become the first finance minister to present seven consecutive Union Budgets, surpassing Morarji Desai, who presented six consecutive budgets.
Current State of the Indian Economy:
The Reserve Bank of India (RBI) reported a current account surplus of $5.7 billion (0.6% of GDP) in Q4FY24, compared to a deficit of $8.7 billion (1%) in the previous quarter and $1.3 billion (0.2%) in the same period a year ago. The last surplus was recorded in Q1FY22 (0.9% of GDP). The merchandise trade deficit was $50.9 billion in Q4FY24, down from $52.6 billion a year earlier.