Budget FY25: FM Nirmala Sitharaman To Announce Modi 3.0 Union Budget On July 23

After the hattrick wins in the elections, PM Modi's government is set to announce Union Budget 3.0 on July 23. The Budget session is likely to begin on July 22nd and will continue till August 12. Finance Minister Nirmala Sitharaman will present the Budget for the financial year 2024-25.

Cabinet Minister for Parliamentary Affairs and Minority Affairs, Kiren Rijiju via his X handler confirmed the dates of the Union Budget 2024.

He said, "Hon'ble President of India, on the recommendation of the Government of India, has approved the proposal for summoning both the Houses of Parliament for the Budget Session, 2024 from 22nd July 2024 to 12 August 2024 (Subject to exigencies of Parliamentary Business)."

Further, he said, "Union Budget, 2024-25 will be presented in Lok Sabha on 23 July 2024."

For the upcoming Budget, Nimesh Chandan, CIO, of Bajaj Finserv Asset Management said, "Indian economy is moving on a strong growth trajectory. This makes the Government's finances comfortable on the revenue side. The budget is expected to maintain the fiscal deficit and borrowing targets the same as the February interim budget. There could be some positive announcements on allocations towards the rural economy."

Also, Chandan said, "there is a possibility of tax benefits for the lower income brackets. Focus on capital expenditure is also expected to continue with increasing central expenditure, persuading state-level capex and incentivising private capex. Overall, we are likely to see policy continuity."

Finance Minister Nirmala Sitharaman will be creating a new history. She will become the first finance minister to present the most budget in India, breaking the record of Morarji Desai.

Sitharaman has taken charge of leading the Finance Ministry since 2019. Since then she has already presented six Union Budgets. The 2024 Budget will be her seventh, highest by any finance minister.

Earlier, the highest record of presenting the Union Budget was held by Morarji Desai who was Minister of Finance and Deputy Prime Minister in Indira Gandhi's cabinet, until 1969. He has presented six Union Budgets so far. He also served as fourth Prime Minister of India between 1977 to 1979 with a government known as the Janata Party.

In the interim Budget of 2024-24, Sitharaman said, that the Indian economy has witnessed profound positive transformation in the last ten years. The people of India are looking ahead to the future with hope and optimism. She added, "the government's vision for 'Viksit Bharat' is that of a "Prosperous Bharat in harmony with nature, with modern infrastructure, and providing opportunities for all citizens and all regions to reach their potential".

After winning India's elections for the third time in row, PM Modi during his oath ceremony speech said, "We will continue to ensure the welfare of our people, and will continue to deliver 'quality of life' to all." Also, he added that in the next 10 years, good governance, development, quality of life and I am determined to reduce government interference in people's lives."