Business News
2 min read | Updated on June 13, 2024, 12:08 IST
SUMMARY
In February, Finance Minister Nirmala Sitharaman had released only an interim budget, in view of the impending general elections. The fiscal policy for the remainder of FY25 is expected to be rolled out in July.
Nirmala Sitharaman, who has been retained as the Finance Minister, will present her 7th consecutive Union Budget
The first session of the 18th Lok Sabha will commence on June 24 and end on July 3, Union Parliamentary Affairs Minister Kiren Rijiju said on Wednesday, June 12.
The session has been called to allow the newly elected Lok Sabha MPs to take oath to office. The swearing-in ceremony will be administered by President Droupadi Murmu.
The dates have been announced amid the buzz over the release of the upcoming Union Budget for the remaining period of fiscal year 2024-25.
In February, Finance Minister Nirmala Sitharaman had released only an interim budget, in view of the impending general elections, to cover the government's expenses for the first four months of the financial year.
While Lok Sabha proceedings will begin on June 24, the session of Rajya Sabha or the Upper House of Parliament will begin from June 27, Rijiju posted on social media platform X.
The ending date for the Rajya Sabha session is also July 3.
President Murmu will address a joint sitting of both the Houses on June 27, where she will outline the vision of the BJP-led National Democratic Alliance (NDA) government that has taken charge.
The debate on the Motion of Thanks on the President's address is expected to remain intense, as the Opposition has gained strengthed following the general elections. While the NDA count was around 350 in the outgoing Lok Sabha, it has now dropped to 292. On the other hand, the Opposition bloc of INDIA (Indian National Developmental Inclusive Alliance) has 234 lawmakers on its side.
While Rijiju did not mention the date for the presentation of Union Budget, the past precedents suggest that the fiscal policy is likely to be rolled out in July.
In years when the general elections are held, the full year budget is usually presented in the first or second week of July. In 2019, when the preceding Lok Sabha polls were conducted, Sitharaman had presented the budget on July 5.
About The Author
Next Story