Budget 2024: Why Nirmala Sitharaman Will Table Union Budget In July This Year?

Finance Minister Nirmala Sitharaman is likely to table the Union Budget for FY25 either on July 23 or July 24, as per reports published in FinancialExpress.com. Soon after presenting the Union Budget for FY25, Nirmala Sitharaman will achieve the feat of becoming first finance minister to present seven Union Budgets in a row thus surpassing Morarji's record of presenting six consecutive budgets.

It is worth mentioning here that the Union Budget will reportedly be tabled with the beginning of Monsoon Session of Parliament. Monsoon Session is expected to kick off on July 22 and continue till August 9, 2024, as per reports.

In recent years, Union Budget continued to be tabled on February 1. But, it turned out to be an election year therefore, Nirmala Sitharaman tabled the Interim Budget for FY24 on February 1 this year. Lok Sabha polls took place this year in which the BJP-led National Democratic Alliance (NDA) secured majority for third consecutive time thus defeating Opposition's INDIA bloc. This is the reason why Nirmala Sitharaman will present the full Union Budget in July this year.

Presently, the maiden session of the 18th Lok Sabha- that began on June 24- has been going on. The session is expected to come to end on July 1 and witnessed the oath-taking ceremony of new members and a joint sitting of the Lok Sabha and the Rajya Sabha on June 27 which was addressed by President Droupadi Murmu, according to Hindustan Times.

Earlier, Parliamentary Affairs Minister Kiren Rijiju said, "First Session of 18th Lok Sabha is being summoned from 24.6.24 to 3.7.24 for oath/affirmation of newly elected Members, Election of Speaker, President's Address and discussion thereon. 264th Session of Rajya Sabha will commence on 27.6.24 and conclude on 3.7.24."

"We have held the first pre-budget meeting. Top economists from across the nation attended the meeting and gave their suggestions about the budget," economist Ashwani Mahajan told news agency PTI after attending a meeting with Sitharaman.

Meanwhile, Reserve Bank of India (RBI) estimated that the Indian economy will grow 7.2% in the current fiscal amid improving rural demand and moderating inflation.

Meanwhile, Sitharaman on Saturday emphasized Centre's support to states via timely tax devolution and GST compensation arrears to stimulate growth.

At the pre-budget meeting with state finance ministers, Sitharaman also nudged states to take benefit of the scheme under which the Centre offers 50-year interest free loan to states for undertaking specified reforms.