Jul 23, 2024 09:49 AM IST
Union Budget 2024: Finance minister Nirmala Sitharaman is set to break late Moraji Desai’s record of presenting six consecutive Union Budgets.
Union Budget 2024: Finance minister Nirmala Sitharaman is set to present the Union Budget 2024 in Parliament at 11am on Tuesday, July 23, marking her seventh consecutive Budget. With this, Nirmala Sitharaman is set to break late Moraji Desai’s record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India. This will be the first budget under the Modi 3.0 government.
Like the previous few full Union Budgets, Nirmala Sitharaman will present the Budget 2024 in paperless form. Nirmala Sitharaman had present an interim Union Budget 2024 on February 1, months before the Lok Sabha elections. The Interim Budget took care of the financial needs of the intervening period until a government was formed after the general elections.
All eyes will be on the major announcements made by the finance minister and the government’s forward-looking guidance about the overall economy.
The Union finance minister will lay on the table a statement (in English and Hindi) of the estimated receipts and expenditures of the government for the year 2024-25 in the Rajya Sabha. She will table the Budget one hour after the conclusion of the presentation of the Union Budget 2024-25 in the Lok Sabha.
The Finance Minister also lay on the table, under subsection (1) of Section 3 of the Fiscal Responsibility and Budget Management Act, 2003, a copy each (in English and Hindi) of the following papers: medium-term fiscal policy strategy statement and macro-economic framework statement.
Nirmala Sitharaman will further lay on the table statements (in English and Hindi) of the estimated receipts and expenditures (2024-25) of the Union Territory of Jammu and Kashmir (with the legislature).
Under Nirmala Sitharaman tenure as finance minister, the government introduced various changes. In the Budget presented in 2023-24, the government changed tax slabs under the new tax regime. The income tax slab was changed to ₹7 lakh to ₹5 lakh to ease the burden on the middle class.
