Union Finance Minister Nirmala Sitharaman, carrying the Budget tablet, reached the Parliament on Tuesday ahead of her seventh consecutive Budget presentation today, July 23, at 11 a.m. She also met President Droupadi Murmu at Rashtrapati Bhavan today.
The Union Budget 2024 is the first complete financial budget of the Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government in its third consecutive term.
With this, Sitharaman has become the first finance minister to present seven consecutive Budget speeches. She will now surpass former Prime Minister Morarji Desai's record of six consecutive budgets as finance minister between 1959 and 1964.
The Budget Session of Parliament began on July 22 and Sitharaman tabled the 2024 Economic Survey document a day ahead of the Union Budget due today. The Session is likely to have 16 sittings over 22 days, and is expected to conclude on August 12.
The growth strategy for the medium term, termed "Amrit Kaal," hinges on six critical areas. First, there must be a deliberate focus on boosting private investment. Second, the growth and expansion of India's MSMEs (Mittelstand) should be a strategic priority, the survey stated.
“Third, the potential of agriculture as an engine of future growth must be recognized, with policy impediments removed. Fourth, securing the financing of India's green transition is essential. Fifth, bridging the education-employment gap is necessary. Finally, focused building of state capacity and capability is required to sustain and accelerate India's progress,” it added.
The Budget is an annual financial statement from the centre which outlines its proposed expenditures and revenues for the upcoming fiscal (FY25) — from April 1, 2024 to March 31, 2025.
It outlines the government's achievements of the past financial year and outlines goals and allocations for the financial year ahead. It aims to meet requirements for policies, allocations and plans for the financial year ahead.
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