The Monsoon Session of Parliament has been scheduled to begin on July 22, along with the Lok Sabha Election. It will further consist of the budget in 2024 in India presentation and every probability may continue till the 9th of August, as the first day of the parliament session is considered the date of the annual budget in 2024.
The Union Budget 2024 is a huge financial document containing a run-through of the money the government plans to earn and spend in the upcoming financial year. This year in 2024, it was twice more because of the Lok Sabha election. The interim budget in India was presented on February 1, 2024, and the federal budget was not yet unveiled until the later half of July.
Nirmala Sitharaman, serving her second term as Finance Minister of the Narendra Modi Cabinet, is likely to present the Union Budget 2024 for the Fiscal Year 2024-25 some time in the month of July. With this, she will be the first minister to present seven consecutive Union Budgets, after removing the record of six in a row of Morarji Desai's. This article tells you all about the Union Budget in 2024 in India.
The Union Budget in 2024 in India for a number of years was almost a sacred document that would hand down on February 1, no matter what. In the year of an election, finance minister, Nirmala Sitharaman on February 1, first added the interim budget for 2024-2025 because she once held the two-time Finance Ministry. She might also present the final one of 2024 on the budget day to Parliament.
Nirmala Sitharaman would be presenting the complete Union Budget in 2024 in India as in a significant gesture she will be the prime face of the new NDA government assembly by the conciliation of the BJS.
The official date and time, which is expected to be the 23rd of July and at 11 am, respectively, with the survey being discussed on the earlier date have not been put up yet. But then again, the actual dates are not here yet either, though word from sources is that the 2024 Budget will probably be up for discussion during the Monsoon Session of Parliament. It is supposed to start on July 22, 2024, and come to an end on August 9.
The budget speech would be aired on Parliament's official channels—Sansad TV and Doordarshan—via the official YouTube pages of these two aforementioned channels.
The Union Budget Web Portal is a bilingual platform that provides online access to Budget 2024 data. It furnishes the budget documents with such balances, especially the annual financial statement, proposals of grants, and finance laws. Herein, someone needs to enforce the law.
In the earlier years, till 2024, the Union Budget in India was traditionally presented for a year on the 1st of February every year. This used to be the culmination of an exhaustive phase of budgetary consultations, economic appraisals, and policy formulations in the months just prior to the presentation.
Before the year 2024, the Union Budget of India was presented in two parts: the interim budget and the full budget. Soon after the month of February, the interim budget, in fact, used to show more emphasis on urgency needs and expenditures to incur for the incomplete financial year until the new government would take office after the general elections, hence acting as a stop-gap arrangement towards the same. It was intended to sustain governance and financial planning until the incoming government presented the new budget.
Following the general elections and constitution of the new government, the full Union Budget is presented generally later in the year, i.e., usually in July. This is therefore the opportunity for the government to crystallize its policy priorities along with the latest data on the economy and estimation of revenue, which could be built into an overall comprehensive fiscal plan for the upcoming year.
The year 2024 itself was an exception by this standard, with the Lok Sabha elections running concurrently with the Monsoon Parliament session. So, Nirmala had submitted an interim budget for 2024, after being re-elected as the Finance Minister, on February 1, 2024. This interim budget itemized an outline of the budget of the government for the fiscal year 2024-25, basically with election and immediate financial imperatives in view.
The full Union Budget for 2024 will later be shared during the Monsoon Session of Parliament that extends from July 22 to August 9. The stated objective is to give the government its due in presenting a comprehensive fiscal plan in light of the election results, revised economic data, and new directions in policies that may have been set by the newly elected government.
In other words, the change of schedule in presenting the budget for 2024-one in conjunction with the general election, with a presentation first taking place in February to meet pressing demands of expenditure, followed by another full Union Budget in July during the Monsoon Session by the succeeding Government for an in-depth and policy-based reasoning for the citizenry.