Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 in Parliament today, marking her seventh consecutive budget and surpassing the late Morarji Desai's record of six consecutive budgets.
The much-anticipated budget, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India, will be presented at 11 AM.
This will be the first full budget under the Modi 3.0 government. Sitharaman will lay out a detailed statement in both English and Hindi, outlining the estimated receipts and expenditures for the fiscal year 2024-25. Following the presentation in the Lok Sabha, she will present the same in the Rajya Sabha.
The budget session of Parliament, which began on July 22, is scheduled to conclude on August 12. Prior to presenting the budget, Sitharaman will follow the traditional process of meeting with ministry secretaries at the North Block and obtaining the President's permission. A Cabinet meeting headed by Prime Minister Narendra Modi will also be held, where ministers will be briefed on the budget.
The preparation for the budget involves a meticulous process. Around September-October, the Ministry of Finance issues circulars to all ministries, Union territories, States, and autonomous entities to submit their budgetary demands and recommendations. A key pre-budget event is the 'halwa ceremony', marking the start of budget document printing. This ceremony also signifies a lockdown for officials involved in the budget preparation until the document is presented in Parliament.
The government released its Economic Survey a day before the budget presentation. Chief Economic Adviser V Anantha Nageswaran, during a press conference, projected India to grow at 6.5-7.0 percent in 2024-25, reaffirming the country's position as the fastest-growing major economy. The Economic Survey, which provides an overview of the economic performance and prospects, is prepared by the Chief Economic Advisor and serves as a critical input for budget formulation.
India’s economy is on a strong and stable footing, demonstrating resilience amid geopolitical challenges, according to the Economic Survey 2023-24. The survey, which was first introduced in 1950-51, was separated from the budget documents in the 1960s and has since been presented a day before the Union Budget.
Following the presentation, the Union Budget will undergo detailed debate and discussion in both houses of Parliament, allowing members to scrutinize its provisions, raise concerns, and propose amendments. Once approved, the budget will set in motion post-budget activities aimed at implementing its provisions and achieving the outlined objectives.
As with recent years, the Budget 2024 will be delivered in a paperless format. The Interim Union Budget 2024 was presented on February 1, preceding the general elections later in the year. All Union Budget documents will be available on the "Union Budget Mobile App," providing hassle-free access for Members of Parliament (MPs) and the public. The app is bilingual (English and Hindi) and available on both Android and iOS platforms. It can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in).