FM Sitharaman to present Union Budget 2024 on July 23; check details

Finance Minister Nirmala Sitharaman will present the Union Budget for fiscal year 2024-25 on July 23, the government announced on Saturday.

The Budget Session of the Parliament will begin a day earlier, on July 22, and continue till August 12, Parliamentary Affairs Minister Kiren Rijiju said.

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

First budget under Modi 3.0

This will be the first full-year budget to be presented under the third tenure of Prime Minister Narendra Modi. His party, the BJP, along with smaller allies, won the mandate to govern the country in the recently concluded Lok Sabha elections.

“In the upcoming session, the government will introduce its first budget for this term. This budget will be an impressive document of the far-reaching policies and futuristic vision of the government. In this budget, along with major economic and social decisions, many historical steps are also to be seen,” the President said.

Why is the 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 (VoA)

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