Budget 2024: Why Nirmala Sitharaman will present Budget in July this year
With this, Nirmala Sitharaman will become the first finance minister to present seven consecutive Union Budgets
Finance minister Nirmala Sitharaman is expected to present the Union Budget 2024 for fiscal year 2024-25 in the latter half of July. With this, she will become the first finance minister to present seven consecutive Union Budgets, surpassing Morarji Desai who presented six Budgets in a row. The Budget is an estimation of revenue and expenditure of the Centre and is the most extensive account of the central government's finances which details revenues from all sources as well as expenses undertaken by the government.
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Why is the Union Budget being presented in July this year?
The Union Budget has been presented on February 1 in the recent years. As this was an election year, Nirmala Sitharaman presented the Interim Budget for FY24 on February 1 this year. Lok Sabha elections were held this year in which the BJP-led National Democratic Alliance (NDA) secured a third consecutive defeating Opposition's INDIA bloc. Owing to this, Nirmala Sitharaman will present the full Union Budget next month.
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Currently, the maiden session of the 18th Lok Sabha- which started on June 24- is underway. The session will conclude on July 1 and has already seen the oath-taking ceremony of new members and a joint sitting of the Lok Sabha and the Rajya Sabha on June 27 which was addressed by President Droupadi Murmu.
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Earlier, Parliamentary Affairs Minister Kiren Rijiju said, “First Session of 18th Lok Sabha is being summoned from 24.6.24 to 3.7.24 for oath/affirmation of newly elected Members, Election of Speaker, President’s Address and discussion thereon. 264th Session of Rajya Sabha will commence on 27.6.24 and conclude on 3.7.24.”