Parliamentary Affairs Minister Kiren Rijiju announced that Union Budget 2024-25 would be presented by Finance Minister Nirmala Sitharaman on July 23. Parliament Budget Session is scheduled from July 22 to August 12.
In a statement, the Minister of Parliamentary Affairs confirmed that "Hon'ble President of India, on the recommendation of the Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July 2024 to 12 August 2024 (Subject to exigencies of Parliamentary Business). Union Budget, 2024-25 will be presented in Lok Sabha on 23 July 2024."
Whereas Sitharaman presented an interim budget before the Lok Sabha elections, she will now bring the full budget for 2024-25. It would look to sustain the brisk growth momentum of the economy while generating jobs under Modi 3.0.
Fiscal deficit is reduced, the RBI would pay a whopping Rs 2.11 lakh crore dividend, and tax revenues have been buoyant, she has adequate headroom to undertake growth-supportive policies and implement social welfare programmes aimed at poverty reduction.
The Prime Minister said, "The next 5 years will be a decisive battle against poverty."
The expectations from this Budget, therefore, were against the backdrop of an impressive economic performance by India, with growth at 8.2 percent in the year 2023-24—strong and the highest among the major economies of the world—and inflation falling below 5 per cent. The RBI opined that economic growth would remain upwards and would be above 8 percent.
The fiscal deficit has come down from over 9 per cent of GDP in 2020-21 to an estimated 5.1 per cent in 2024-25, further putting muscle into the macro fundamentals of the economy. Building on its view of finances and robust growth of the economy, S&P Global Ratings changed the outlook for sponsorship rating of India to 'positive' from 'stable'.
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