Budget 2024 update: Finance Minister Nirmala Sitharaman is set to create history when she presents her seventh straight Budget on Tuesday i.e. July 23 for the fiscal 2024-25, surpassing the record of former prime minister Morarji Desai. According to reports, Sitharaman is expected to begin the Budget 2024 speech at 11:00 AM. It will be her the seventh Budget speech of FM Sitharaman. It should be mentioned that the Budget will be Prime Minister Narendra Modi-led government's first major policy announcement after securing a third term in Lok Sabha elections this year.
It is learnt that Budget 2024 likely make a record capital expenditure with particular focus on roadways and Indian Railways. Apart from this, the common man, salaried taxpayers and middle class are looking at the Union Budget 2024 for income tax relief announcements, particularly changes in the new income tax regime, which is now the default regime.
Economic Survey
Finance minister Nirmala Sitharaman tabled the Economic Survey in the Parliament on Monday (July 22) , a day before presenting Union Budget for record seventh time.
Union Minister of Parliamentary Affairs of India Kiren Rijiju said, “The Economic Survey of India will be laid on the table of the Houses of Parliament on Monday, the 22nd of July, 2024. The Budget for the Union Territory of Jammu and Kashmir for 2024 will also be presented on the 23rd of July, 2024. Tentatively 6 items of legislative business and 3 items of financial business have been identified for being taken up during this session.”
Interim Budget: All you need to know about the temporary financial plan
Interim Budget refers to a temporary financial plan. India will this year witness witness two budgets - an interim one in February and a full one this month (July 23 2024).
Interim Budget was presented because an incumbent government cannot present a full Budget just before general elections. It should be mentioned that the full Budget presentation on July 23 will be the first Budget by the BJP-led NDA government since it was re-elected last month.
Interim Budget: Important points at a glance
Interim Budgets is announced before a new government takes charge after Lok Sabha polls.
It refers to a temporary arrangement to meet government's expenditure for a short period.
The process of making Interim Budget starts months before presenting it on February 1.
Under the process, various ministries provide initial estimates of their expenditure
However, the estimates are then discussed with the Planning Commission.
Since it is not a Budget for a full year, it refrains from policy reforms.
Intrim Budget was presented by Finance Minister Nirmala Sitharaman on February 1, 2024. It was her sixth Budget. Union Education Minister Dharmendra Pradhan lauded the Interim Budget 2024-25 as a stepping stone to make India a developed country by 2047. The Budget Allocation for the FY 2024-25 of ₹73,498 crore is the highest ever for the Department of School Education & Literacy. There has been an overall increase of ₹12,024 crore (19.56%) in the Budget Allocation of Department of School Education and Literacy in the FY 2024-25 from RE 2023-24.
Full Budget is announced after new government comes into power after the Lok Sabha polls.