Narendra Modi-led NDA gears up for Union Budget 2024

Business View
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Narendra Modi-led NDA gears up for Union Budget 2024

Anticipation of Union Budget 2024

After winning the Lok Sabha Elections 2024, Prime Minister Narendra Modi-led NDA again held the charges. Now that PM Modi has introduced his Cabinet for the third consecutive term, people’s eyes are on the upcoming Budget session. Everyone is waiting in anticipation of the Union Budget 2024. In July, Nirmala Sitharaman, the Finance Minister who was reinstated, will have the honour of introducing the budget. It will be the first annual budget after the results of the general elections in 2024. 

Under Modi 3.0 several new changes are expected to take place. Now, the question is when will the Finance Minister introduce the full-year Union Budget? People are keen to know the timing of the opening session of Parliament. Kiren Rijiju who is appointed as the new Parliamentary Affairs Minister has shared the details of the first session of the 18th Lok Sabha. As per the announcement made on X, the first session will start on June 24 and end on July 3. Speaking of the official date and time of Union Budget 2024, it will be informed after Parliament’s monsoon session schedule. 

The official announcement of Kiren Rijiu on X reads, “First Session of 18th Lok Sabha is being summoned from 24.6.24 to 3.7.24 for oath/affirmation of newly elected Members, election of Speaker, President’s Address and discussion thereon. The 264th Session of Rajya Sabha will commence on 27.6.24 and conclude on 3.7.24.”

Before the election, the interim budget was presented by Nirmala Sitharaman on 1 February. It is worth noting that the interim budget was only presented when the election was supposed to take place in that year. It is a temporary budget and the full budget is presented when the new government takes office. With the full Union Budget 2024, Sitharaman will create history and will become the first Finance Minister to deliver seven consecutive Budget presentations. With this record, she will surpass the record of Moraji Desai who delivered 6 Budget presentations. So far, Sitharaman has introduced 6 full budgets and 1 interim budget. 

As we mentioned above, under Modi 3.0, the Finance Minister will present a full budget for the financial year in July in which they share the details of the new government’s economic policies, expenditures, and revenue plans for the entire fiscal year. According to the reports quoted by the Financial Daily, the government may prefer a session split by a recess, with the motion of thanks in the first part and the budget presented in the second. The pro-tem speaker will likely administer the oath of office to the newly elected MPs during the first two days of the Lok Sabha session, which appears to have been divided into two halves.

Besides that, the second part of the session may start on 22 July 2024, with the delivery of the Union Budget 2024. According to an ET report, the session would last until August 9 and consist of 15 sittings.

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The central government has not shared any specific details of the upcoming full Budget session but it is assumed that the new Budget will include the details on the utilisation of the RBI dividend of Rs 2.11 trillion.

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