Nirmala Sitharaman To Table NDA 3.0’s First Union Budget Today
Union Finance Minister Nirmala Sitharaman is set to present her seventh consecutive Union Budget today. The budget is likely to focus on changes in the income tax structure and improving the ease of doing business in India.
This Union Budget will be the first full financial budget of Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government in its third successive term.
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Today, at 11 am, the full budget for 2024-25 will be presented on the floor of the Parliament. Sitharaman will lay on the table a statement (in English and Hindi) of the estimated receipts and expenditures of the government for the year 2024-25 in the Rajya Sabha.
The budget will be tabled one hour after the conclusion of the presentation. By presenting the seventh consecutive budget, Nirmala Sitharaman will surpass the record set by former Prime Minister Morarji Desai who had presented five annual budgets and one interim budget as finance minister.
Former Prime Minister Manmohan Singh has presented five consecutive budgets in a row and Pranab Mukherjee has presented five consecutive budgets.
The Budget is presented in the Monsoon session this year as an interim budget was presented in February. The Monsoon session of the Parliament began on July 22 and will have 19 sittings till August 12.
Today’s budget is expected to focus more on capital expenditure through roadways and Indian Railways. Additionally, experts are also of the view that Budget 2024 may see some income tax relief for the common man, middle class, and salaried taxpayers to put more money in their hands.
On Monday, Nirmala Sitharaman tabled the Economic Survey 2023-24, an important document prepared under the guidance of the Chief Economic Advisor by the Department of Economic Affairs. The Survey will provide guidance and direction to the Union Budget 2024.
The Economic Survey described the Indian economy as being on a “strong wicket and stable footing” and resilient amid geopolitical challenges. The Survey said, “The Indian economy is on a strong wicket and stable footing (and) demonstrating resilience in the face of geopolitical challenges. The economy has consolidated post-Covid recovery with policymakers – fiscal and monetary – ensuring economic and financial stability.”
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On the eve of the Budget 2024 presentation, Prime minister Narendra Modi said, “It is a matter of pride that after 60 years, a government has come to power for the third time and will present the first Budget for the third time. I have been giving guarantees to the people of the country and our mission is to bring this to the ground. This Budget is an important budget for Amrit Kaal. Today’s budget will decide the direction for the next 5 years of our term. This budget will also become a strong foundation of our dream of Viksit Bharat.”
