Union Budget 2024 to be presented in July second half? Check expected date, other details

Union Budget 2024, the fiscal policy statement for the year-ended March 31, 2025, will be presented by the central government next month.

This will be the first full-year budget to be rolled out under third tenure of Prime Minister Narendra Modi. His party, the BJP, slipped behind the majority mark in the recently concluded Lok Sabha elections, but was able to form the government with support from smaller allies.

Nirmala Sitharaman, who headed the Ministry of Finance for five years in the previous government, has been re-allotted the ministerial portfolio. She would be presenting the seventh Union Budget in a row next month.

When will Union Budget 2024 be presented?

While the exact date is yet to be officially known, reports, citing sources, claimed that the budget would be tabled in the Parliament in the second half of July.

As per the precedent, the full-year budget in general election years is usually presented in the first or second week of July.

This time, however, reports claim that the government would reconvene in the Parliament session in the third week of July to present the budget.

The Economic Survey, which is released before the budget, is likely to be tabled on July 3, News18 reported, citing sources.

Notably, the dates for the first session of 18th Lok Sabha has been called from June 24 to July 3. The proceedings would witness the newly-elected MPs taking oath to office, President Droupadi Murmu laying down the government's roadmap, and a debate to be subsequently held on the Motion of Thanks on the President's address.

Why is Union Budget being presented in July?

While the annual budget is usually rolled out on the first working date of February, it was deferred this year due to the Lok Sabha elections scheduled between March and May.

As a result, the finance minister had, on February 1, presented only an interim budget, which is also referred to as a vote on account, to cover the government's expenses between April and July.