Budget 2024: July 23 or 24? Here's what reports say on likely date of budget presentation

The anticipation grows for the release of Union Budget 2024-25, as it would entail the policies related to various sectors of the economy for the fiscal year ending March 31, 2025.

The date for the presentation of budget is yet to be officially announced by the government, but it has been confirmed that the budget would be tabled in the Monsoon Session of Parliament.

“In the upcoming session, the government will introduce its first budget for this term," President Droupadi Murmu said on June 27, while addressing the House. The dates for the Monsoon Session, however, are yet to be notified by the government.

The ongoing session of Parliament was convened on June 24 as part of the process to administer the oath to the newly elected Members of Parliament, to elect the Speaker of 18th Lok Sabha, and to hold the debate on the Motion of Thanks to the President's address. The session will conclude on Wednesday, July 3, and is expected to be followed by the Monsoon Session later this month.

July 23 or July 24? Here's the latest on Budget expected date

The development could not be independently confirmed, but it is largely in line with what media reports have been saying over the past few days.

Reports have claimed that the Monsoon Session would begin in the third week of July, and Sitharaman would subsequently table the budget.

Why is the Union Budget being presented in July?

At every five years, the Lok Sabha elections are held to elect a new government. Since 2004, the polls are conducted between the months of March and May, and the new government usually takes charge in June.

As a result, the full-year budget is not presented in February if the general elections are scheduled to be held in that particular year. Instead, the incumbent government presents an interim budget, which is largely a vote on account (VoA).

The VoA is primarily aimed at covering the government's expenses, and highlight the estimated revenue, for the period between April 1 and July 31.