The Union Budget for the financial year 2024-2025 is a crucial event in India’s economic calendar. It is traditionally presented annually by Finance Minister Nirmala Sitharaman, outlining the government’s fiscal strategy. An interim budget to cover essential government expenses was presented in February 2024, just before the Lok Sabha elections. 

The much-awaited Union Budget for 2024-2025 will be presented on July 23, 2024. This will be the first annual budget under the Modi 3.0 Cabinet, aiming to balance bold economic initiatives with fiscal responsibility under the theme “Viksit Bharat Budget 2024.”

In this article, we will look at the latest updates, date and time regarding the budget 2024.

Budget 2024 Date and Time

Finance Minister Nirmala Sitharaman will present the Union Budget for 2024-25 in Parliament on July 23, 2024, at 11:00 AM IST, announced Kiren Rijiju, Minister of Parliamentary Affairs, on the social media platform X on Saturday.

President Droupadi Murmu approved a proposal to call both houses of Parliament into session from July 22 to August 12. This will be the first budget presented by the Narendra Modi government since its re-election for a third term earlier this year.

Latest Updates Regarding the Union Budget 2024

Let’s take a look at some of the latest updates regarding the Union Budget 2024.

The salaried class is anticipating tax relief, potentially through cuts in personal tax rates or an increase in the tax exemption limit.

President Droupadi Murmu, in her recent address to Parliament on Thursday, June 27, 2024, highlighted some exciting prospects for Budget 2024.

Here are the key takeaways:

Focus on the Future

President Murmu emphasized that the upcoming budget 2024 will be a “futuristic” document outlining the government’s long-term vision and policies.

Bold Economic and Social Decisions

She hinted at the possibility of significant economic and social reforms being announced in the budget, potentially aiming to accelerate India’s progress.

Historic Measures

The President’s words suggest that the budget might include groundbreaking initiatives that could mark a turning point for India’s development.

India’s Growth Trajectory

President Murmu highlighted India’s impressive economic growth in recent years, averaging 8% over the past four years.

Target: Third Largest Economy

She revealed the government’s ambitious goal of propelling India to become the world’s third-largest economy.

Budget as a Roadmap

The President indicated that the upcoming budget will serve as a blueprint for achieving this goal and transforming India into a developed nation by 2047.

While the specific details remain undisclosed, President Murmu’s address paints a picture of a potentially transformative budget focused on long-term economic and social development.

Related Read: Budget 2024 PDF Download

What to Expect from Union Budget 2024: Focus on Growth and Stability

Economic experts and industry leaders are anticipating that Budget 2024 will prioritize economic growth while maintaining stability as we all a glimpse in the interim budget 2024. This focus comes amidst the current economic climate, which might involve factors like:

Here are the key expectations from the upcoming budget, aligned with a focus on growth and stability:

1. Boosting Consumption

The CII suggests tax cuts for lower income brackets to boost disposable income and stimulate consumer spending, addressing the gap between India’s economic growth (8.2% in 2023-24) and sluggish consumer demand. They also propose higher wages under rural job schemes and increased cash handouts to farmers to support rural spending.

2. Lifting Farm Export Restrictions

Experts and farm bodies advocate for lifting export restrictions on agricultural products like rice, wheat, sugar, and onions. These restrictions, aimed at price control, have impacted rural incomes. Easing them could bolster farmers’ earnings and contribute to overall economic growth, crucial for the 45% of India’s population dependent on agriculture.

3. Job Creation Initiatives

To tackle unemployment, the CII proposes incentive schemes for private firms creating jobs in sectors like textiles and tourism. Additionally, labor unions advocate for filling government job vacancies and reinstating pension benefits to stimulate economic activity.

4. Tax Reforms

Industry bodies like FICCI call for simplifying India’s tax regimes, including streamlining capital gains tax and GST. These reforms aim to create a predictable business environment, attracting investments and enhancing economic activity.

Also Read: 53rd GST Council Meeting Highlights

5. New Labour Welfare and Employment Index Planned

The Indian government is planning to introduce a “Labour Welfare and Employment Index” (LWEI) to rank states based on labour standards. This aims to improve uniformity in labour law implementation and encourage healthy competition among states.

These expectations highlight key areas for potential policy focus in the upcoming budget 2024, aiming to strengthen India’s economy.

6. Senior Citizens’ Budget Expectations

Current provisions allow for a deduction of Rs 50,000 for any mediclaim premium or medical expenditure incurred by a senior citizen. Given the rising medical costs, senior citizens are hoping the threshold limit will be increased to Rs 1 lakh

7. Real Estate Loan Interest Deductions and Capital Gains

The real estate sector is advocating for an increase in the interest deduction limit on housing loans under Section 24B from Rs 2 lakh to Rs 5 lakh. They also seek a reduction in the holding period for long-term capital gains tax, currently set at 20%.

Currently, interest deductions on home loans are available under two sections — Section 80C and Section 24B.

Note: This information is derived from media reports and expert analysis. The final details will be unveiled during the official budget presentation.

Related Read: Economic Survey 2024 Highlights

Where to Watch Budget 2024 Live?

You can watch Finance Minister Nirmala Sitharaman present the Budget for the fiscal year 2024-2025 live on Sansad TV and Doordarshan. The presentation will also be streamed live on their respective YouTube channels.

Related Reads:

Frequently Asked Questions on Union Budget 2024

1. When will President Murmu Address the Parliament?

President Droupadi Murmu is scheduled to address both Houses of Parliament on the first day of the Budget Session, officially opening the session.

2. Why is FM Nirmala Sitharaman presenting the budget in July this year?

In recent years, the Union Budget has been presented on February 1. However, since 2024 was a general election year, FM Sitharaman presented an interim budget in February.

3. What is an Interim Budget?

An interim budget is a temporary financial plan used by a government during a transition period, typically before a general election. It covers essential government expenses until a newly elected government can present its own full budget.

4. What is “Fiscal Deficit”?

Fiscal Deficit refers to the difference between the government’s total expenditure and its total revenue (excluding borrowings) during a fiscal year. It indicates the amount of borrowing required by the government to meet its expenditure needs.

5. What is the duration of the Monsoon Session of Parliament?

The Monsoon Session is scheduled to commence on July 22nd, 2024, and will run until August 12th, 2024.

6. Where can I find more information about the Union Budget 2024?

You can find official information and updates on the websites of the Ministry of Finance and the Parliament of India. Additionally, major news outlets will provide extensive coverage and analysis of the budget once it is presented.

7. What is the theme of the Union Budget 2024?

In Budget 2024, the Finance Minister announced that this year’s theme is ‘Viksit Bharat Budget 2024,’ envisioning a developed India by 2047.

8. Who lays the budget in Parliament?

The Budget is presented by the Union Finance Minister, currently Nirmala Sitharaman. On Budget Day, she delivers a ‘Budget Speech’ in the Lok Sabha, highlighting the key points of the extensive Budget document, which often spans several thousand pages.

9. Which sector will benefit from the budget in 2024?

The anticipated union budget 2024 is expected to be a boon for several domestic sectors, particularly affordable housing, capital expenditure projects, consumer goods companies, and interest-rate sensitive industries.

10. What is the budget profile for 2024?

According to India Budget, the budget profile for 2024 includes the government’s projected revenues and expenditures for the fiscal year. It outlines allocations for various sectors, fiscal deficit targets, tax proposals, and economic reforms aimed at driving growth and stability.

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