The 2024-25 budget session commenced in Parliament today, July 22, 2024, marking a significant milestone as the first full Union Budget presentation since the government's re-election for a third consecutive term. As the Modi 3.0 government unveils its inaugural Budget, taxpayers are anxiously awaiting substantial tax relief measures, hoping for a respite from financial burdens and a boost to their economic prospects.
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Budget 2024 Date and Time
President Droupadi Murmu on July 6, 2024, approved the Budget Session of Parliament from July 22 to August 12.
The Union Budget 2024 is scheduled to be presented by Finance Minister Nirmala Sitharaman on July 23, 2024, at 11:00 a.m. in Parliament which will be her seventh consecutive. budget The highly anticipated event will be live-streamed on various platforms, including the Finance Ministry's website, Sansad TV, and Doordarshan.
Finance Minister Nirmala Sitharaman typically presents the Union Budget annually. However, due to the Lok Sabha Elections, a unique scenario emerged this year, where two budgets were announced. An interim budget was presented on February 1, 2024, and the full Union Budget is still pending, expected to be presented in the latter half of February.
Where to Watch and Live Streaming of Budget 2024
The Budget presentation will be live-streamed and broadcasted on various platforms, including:
- Sansad TV - Broadcast
- Doordarshan - Broadcast
- YouTube channels of Sansad TV and Doordarshan - Live Stream
- Official website of the Ministry of Finance - Live Stream
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Where to access Budget 2024 Documents
Stay informed about India's budget plans! The government's official website www.indiabudget.gov.in offers easy online access to all budget documents in both Hindi and English. Explore the financial statements, bills, and funding requests that shape the country's future - all in one convenient spot. Transparency at its best!
Budget Session 2024
The Budget Session of Parliament is set to begin on July 22 and last until August 12, 2024. During this session, the government will present the budget, and both Houses of Parliament will discuss and debate the proposals.
#WATCH | Delhi: Union Finance Minister Nirmala Sitharaman chairs a pre-budget meeting with Finance Ministers of all States and Union Territories (with Legislature) to take suggestions for the upcoming Union Budget 2024-25.
Visuals from Bharat Mandapam. pic.twitter.com/9pdr9ncHN4 — ANI (@ANI) June 22, 2024
President Droupadi Murmu will address both Houses of Parliament on the first day of the Union Budget Session. The budget is expected to prioritise economic growth and stability, with a focus on boosting consumption, tax reforms, and labour welfare.
Budget 2024 Theme
The Finance Minister revealed that the Budget 2024 will be centred around the theme 'Viksit Bharat Budget 2024', aiming to propel India towards becoming a developed nation by 2047. This vision is built on four core pillars: empowering the underprivileged ('Garib'), promoting women's empowerment ('Mahilayen'), unleashing the potential of the youth ('Yuva'), and supporting the nation's food providers ('Annadata' or farmers).
Budget 2024 Expectations
Budget 2024 expectations are high, with citizens awaiting key announcements on tax relief, infrastructure development, and job creation. Some of the key expectations include:
- Income tax slab revisions to benefit the middle class
- Incentives for businesses to boost economic growth
- Increased agricultural support for farmers
- Initiatives promoting employment and skill development for the youth
- Infrastructure development to enhance connectivity and accessibility
Industry experts and analysts have high expectations from the budget, hoping for reforms that will boost economic growth, create jobs, and improve the overall standard of living.
Union Budget 2024 Highlights So Far
Youth Empowerment
- Five schemes to skill and employ 4.1 crore youth over five years, with a budget of ₹2 lakh crore
- Comprehensive internship program for one crore youth in top companies
- Employment-linked incentives, including one month's wage support for first-time employees
- Women-specific skilling programs to increase workforce participation
MSME and Manufacturing Boost
- Special focus on MSMEs and manufacturing sector
- Credit guarantee scheme and term loans for machinery purchase
- Technology support package for MSMEs
- SIDBI to open 24 new branches to serve MSME clusters
Financial Initiatives
- Mudra loan limit increased to ₹20 lakh for previous borrowers
- Financial support for higher education loans up to ₹10 lakhs in domestic institutions
- Integrated technology system for Insolvency and Bankruptcy Code (IBC)
Agriculture and Rural Development
- ₹2.66 lakh crore allocated for rural development
- Transformation of agricultural research to focus on productivity and climate-resilient crop varieties
- Initiative to introduce 1 crore farmers to natural farming over 2 years
Infrastructure and Regional Development
- Rental housing in PPP mode for industrial workers
- Special financial support of ₹15,000 crore for Andhra Pradesh
- New airports, medical facilities, and sports infrastructure for Bihar
Economic Outlook
- Inflation expected to reach 4% target
- India's economic growth described as a "shining exception"
- Focus on job creation and boosting consumption
Nine Priority Areas
- Agriculture, Employment, Inclusive Development, Manufacturing and Services, Urban Development, Energy, Infrastructure, Innovation and R&D, and Next Generation Reforms
Women-Led Development
- Over ₹3 lakh crore allocated for schemes benefiting women and girls
Social Welfare
- Extension of PMGKAY (Pradhan Mantri Garib Kalyan Anna Yojana) for five years, benefiting over 80 crore people
Digital and Technological Advancements
- Development of Digital Public Infrastructure (DPI) applications for credit, e-commerce, law and justice, and corporate governance
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