Finance minister to present Modi 3.0 budget on July 23
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The Union Budget for 2024-25 will be presented on July 23, as announced by Union Minister Kiren Rijiju on Saturday.
The Budget session will commence on July 22 and conclude on August 12.
Rijiju stated on X, "Hon'ble President of India, on the recommendation of the Government of India, has approved the proposal for summoning both Houses of Parliament for the Budget Session, 2024 from July 22, 2024, to August 12, 2024 (Subject to exigencies of Parliamentary Business). Union Budget, 2024-25 will be presented in Lok Sabha on July 23, 2024."
Finance Minister Nirmala Sitharaman, who had presented an interim Budget in February ahead of the Lok Sabha elections, will be delivering her seventh consecutive Budget, setting a new record for the longest streak by any finance minister in India, surpassing Morarji Desai's record.
This Budget will be the first during Prime Minister Narendra Modi's third term and notably, the first where the BJP does not hold a majority on its own.
High expectations surround this Budget, especially after President Droupadi Murmu's joint address, which hinted at "many historic steps" and a drive to accelerate reforms.
"This Budget will be an effective document of the government's far-reaching policies and futuristic vision. Along with major economic and social decisions, many historic steps will also be seen in this Budget... The pace of reforms will be further accelerated in tune with the aspirations of the people of India for rapid development," President Murmu said on June 27.
The middle and salaried classes particularly hope for changes in the income tax structure, potentially increasing disposable income.
The special session of Parliament, the first of the 18th Lok Sabha, saw intense debates, with the opposition, led by Rahul Gandhi, making a significant impact. In the recent general elections, the INDIA alliance secured 232 seats, limiting the BJP to 240 seats. However, the NDA retains a comfortable majority with 293 MPs.
Key issues such as the NEET paper leak, the situation in Manipur, the Emergency, the Agnipath scheme, and concerns about constitutional undermining by the ruling party were prominent in the special session and are expected to be focal points in the upcoming Budget session as well.