Budget Live Updates: Finance Minister Nirmala Sitharaman Expected to Present Union Budget on 23rd July.

Budget Live Updates: Finance Minister Nirmala Sitharaman Expected to Present Union Budget on 23rd July.

Updates: Union Budget 2024 - Finance Minister Nirmala Sitharaman's Speech. Finance Minister Nirmala Sitharaman is anticipated to present the Union Budget for FY2025 on either 23rd or 24th July, according to sources from FinancialExpress.com. Follow us for continuous updates.

As reports circulate, Finance Minister Nirmala Sitharaman is poised to present the Union Budget for FY25 on either 23rd or 24th July. However, the government has yet to make an official announcement regarding the Budget presentation date. As we edge closer to this significant event, there is a growing wave of expectations, demands, and anticipation from the public, industries, and economists.

In the meantime, the first session of the 18th Lok Sabha commenced on 24th June. Subsequently, on 26th June, Om Birla, a three-time BJP MP, was re-elected as the Speaker of the Lok Sabha for a second term. He triumphed over the candidate from the INDIA bloc, Congress' Kodikunnil Suresh, through a voice vote. According to sources, the Monsoon Session of Parliament is expected to start on 22nd July, coinciding with the Budget presentation. This session is anticipated to run until 9th August.

On June 22, Nirmala Sitharaman chaired the 53rd GST Council meeting, where numerous proposals to enhance the applicability of GST across goods and services were discussed. The Council put forth several recommendations aimed at refining tax rates and service exemptions within the GST framework.

Budget 2024 Live Updates: President Droupadi Murmu Describes Upcoming Union Budget as "Futuristic"

In a joint session of Parliament, President Droupadi Murmu highlighted the transformative nature of the forthcoming Union Budget. She remarked, "The Government will present its first budget in the upcoming session, which promises to be a pivotal document reflecting our long-term vision and progressive policies. This budget will not only encapsulate significant economic and social decisions but will also introduce historic measures aimed at accelerating development. The momentum of reforms will be intensified, aligning with the aspirations of the Indian populace for swift progress."

Budget 2024 Live Updates: Union Budget Set to Be a Visionary Document, Affirms President Droupadi Murmu

In a joint session of Parliament, President Droupadi Murmu announced that the forthcoming Union Budget will be a forward-looking and transformative document. She stated, “My Government will present its inaugural budget in the upcoming session. This budget will serve as a testament to the Government’s comprehensive policies and forward-thinking vision. In addition to significant economic and social measures, this budget will feature numerous historic initiatives. The pace of reforms will be expedited to align with the Indian people’s aspirations for swift development.”

Budget 2024 Live Updates: PM-KISAN Scheme

The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) is a significant initiative introduced by the Indian government to bolster the income of small and marginal farmers. Launched with the goal of providing direct financial support, the scheme allocates ₹6,000 annually to each eligible farmer. This support is distributed in three equal instalments directly into the farmers' bank accounts. The aim is to provide financial assistance between crop cycles, ensuring stability and promoting sustainable agricultural practices across the country.

Budget 2024 Live Updates: Major Infrastructure Investment Revealed in Interim Budget

In the interim budget presented this February, Finance Minister Nirmala Sitharaman announced an unprecedented allocation for infrastructure. The government has earmarked ₹11.11 lakh crore, surpassing the previous record of ₹10 lakh crore allocated for the fiscal year 2023-24. This new allocation represents 3.4% of the GDP, marking a significant commitment to enhancing the nation's infrastructure.

Budget 2024 Live Updates: MGNREGA Funding in Interim Budget

In her interim budget address on February 1, Finance Minister Nirmala Sitharaman announced a continued allocation of ₹86,000 crore for the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) scheme. This amount matches the revised estimate for the fiscal year 2023-24. During her speech, she noted that the Comptroller and Auditor General (CAG) has raised concerns about the operation of MGNREGA in some states. These concerns revolve around the legitimacy of certain claims, questioning whether the individuals receiving wages genuinely exist and highlighting issues critical to the programme's integrity and adherence to its foundational principles.

Budget 2024 Live Updates: Understanding the Dual Budget Presentation

Finance Minister Nirmala Sitharaman earlier introduced the Interim Budget, which serves as a vote on account before the elections. This interim budget is designed to manage government expenditures until a new administration is established.

Adjusting to a Post-Pandemic Landscape Following the pandemic, there has been a notable shift in the government's expenditure patterns. Recent budget analyses by Moneycontrol reveal that the proportion of central sector schemes has risen from 27.4 percent in FY18 to 32.2 percent in FY24. In contrast, the share allocated to centrally sponsored schemes has decreased from 13.3 percent to 10.5 percent during the same period.

President Murmu Addresses Parliament on Budget 2024 President Murmu delivered her opening speech to the joint session of Parliament after the formation of the 18th Lok Sabha. She outlined the economic strategy of the NDA government and emphasized the achievements of the past decade under Prime Minister Narendra Modi.

India's Education Sector Set for Transformation The upcoming Budget under Modi 3.0 aims to revolutionize India's education landscape, with a focus on digital literacy, vocational training, and research innovation. The goal is to bridge the urban-rural divide, ensuring equitable access to quality education. Emphasizing advanced technologies and STEM education, it aims to prepare youth for the global economy. Public-private partnerships will play a crucial role in enhancing educational quality and accessibility. According to Ankur Goel, CEO and Founder of Skillible, this budget, led by Modi, will lay a robust foundation for a knowledgeable and skilled India, poised to tackle future challenges.

Shifting Post-Pandemic Priorities Following the pandemic, there has been a notable increase in the proportion of central sector schemes within the government’s total expenditure, accompanied by a decline in centrally sponsored schemes. Recent budget analyses by Moneycontrol indicate that the share of central sector schemes has risen to 32.2 percent in FY24 from 27.4 percent in FY18. Conversely, the share of centrally sponsored schemes has decreased from 13.3 percent to 10.5 percent over the same period.

Tech Industry Prepares for Transformation Suchita Vishnoi, co-founder and CMO at GatewAI, anticipates a transformative phase ahead for India's tech industry with the upcoming budget. There is optimism for increased investment in digital infrastructure, artificial intelligence, and cybersecurity to enhance India's global tech competitiveness. Stakeholders are hopeful for incentives that will boost startup investments and foster innovation. Streamlined regulations and business-friendly policies are expected to support entrepreneurship, driving sustainable growth and innovation.

Consultation with Trade and Services Representatives On June 25th, Finance Minister Nirmala Sitharaman led the seventh pre-Budget consultation in New Delhi with representatives from trade and services. The meeting aimed to gather suggestions for the upcoming General Budget 2024-25 and was attended by the Union Minister of State for Finance, the Finance Secretary, the Secretary of the Department of Expenditure, the Secretaries of the Departments of Economic Affairs and Commerce and Industry, and the Chief Economic Adviser to the Government of India.

Key Announcements in the Interim Budget During the Interim Budget, Finance Minister Nirmala Sitharaman emphasized the necessity of focusing on the Eastern region, encompassing Chhattisgarh, Odisha, Bihar, Jharkhand, and West Bengal.

Understanding the Interim Budget An interim budget is typically delivered by a government in its final year before general elections, during a transitional phase, or as its term nears completion. It provides a detailed overview of projected expenditures and anticipated tax revenues for the upcoming months leading to the elections. During this period, the incumbent government is restricted from presenting a complete budget.

Two Budgets Scheduled This Year Earlier in the year, Finance Minister Nirmala Sitharaman introduced the Interim Budget, a vote on account preceding the elections, aimed at managing government expenditures until the formation of a new government.

Sources indicate that Finance Minister Nirmala Sitharaman is set to present the complete Budget for FY25 on either July 23 or 24, aligning with the Monsoon Session of Parliament.

Impact of the Post-Pandemic Era Following the pandemic, there has been a notable shift in the government's expenditure allocation. Central sector schemes now constitute a larger proportion, rising to 32.2% in FY24 from 27.4% in FY18, as per a recent Moneycontrol analysis of budget trends. Conversely, the share of centrally sponsored schemes has decreased from 13.3% to 10.5% during the same period.

President Murmu Addresses PM Modi During her opening speech to the joint session of Parliament after the establishment of the 18th Lok Sabha, the President outlined the economic strategy of the NDA government and emphasized the accomplishments of the last decade under Prime Minister Narendra Modi.

Set to Transform India's Education Sector The upcoming Budget under Modi 3.0 aims to revolutionize India's education landscape by focusing on digital literacy, vocational training, and research innovation. This initiative seeks to bridge the urban-rural education gap, ensuring equitable access to quality education. Emphasizing advanced technologies and STEM education, the Budget aims to prepare youth for the global economy. Public-private partnerships will play a crucial role in enhancing educational quality and accessibility. According to Ankur Goel, CEO and Founder of Skillible, Modi's leadership in this budget will lay a robust foundation for a knowledgeable and skilled India, ready to meet future challenges.

Shifting Focus After the Pandemic Following the pandemic, there has been a notable rise in the proportion of central sector schemes in the government's overall expenditure, alongside a corresponding decline in centrally sponsored schemes. Recent budget analyses by Moneycontrol reveal that the share of central sector schemes has increased to 32.2% in FY24 from 27.4% in FY18. In contrast, the share of centrally sponsored schemes has decreased to 10.5% from 13.3% during the same period.

Set to Transform Tech Industry Suchita Vishnoi, co-founder and CMO at GatewAI, expresses optimism about the upcoming budget, foreseeing a transformative phase for the tech industry. Expectations are high for increased investments in digital infrastructure, artificial intelligence, and cybersecurity, aimed at reinforcing India's global tech leadership. Industry leaders anticipate incentives to boost startup investments and emerging technologies, promoting a digitally empowered society. Streamlined regulations and business-friendly policies are expected to cultivate a dynamic entrepreneurial ecosystem, fostering sustainable growth and innovation.

Consultation with Trade and Services Representatives Finance Minister Nirmala Sitharaman led the seventh pre-budget consultation with trade and services representatives in New Delhi on June 25. The session aimed to gather suggestions for the upcoming General Budget 2024-25. Also present were the Union Minister of State for Finance, the Finance Secretary, Secretary of the Department of Expenditure, Secretaries of the Departments of Economic Affairs and Commerce and Industry, along with the Chief Economic Adviser to the Government of India.

Key Announcements in the Interim Budget During the Interim Budget, Finance Minister Nirmala Sitharaman emphasized the need for focusing on the Eastern region, comprising Chhattisgarh, Odisha, Bihar, Jharkhand, and West Bengal.

Understanding the Interim Budget An interim budget is introduced by a government in its final year before general elections, during a transition, or as it nears the end of its term. It provides a detailed overview of projected expenditures and anticipated tax revenues for the months leading up to the elections. During this period, the incumbent government is restricted from presenting a full budget.

Earlier this year, Finance Minister Nirmala Sitharaman presented the Interim Budget, a temporary measure to manage government expenses until a new government is formed after elections.

Sources indicate that Finance Minister Nirmala Sitharaman will present the full Budget for FY25 on July 23 or 24, aligning with the Monsoon Session of Parliament.

Pre-budget Consultation Held with State Finance Ministers On June 22, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman led a pre-budget consultation with finance ministers from states and union territories. The session aimed to gather insights and recommendations for the upcoming Union Budget 2024-25.

When is FM Sitharaman set to present the Union Budget? Sources from FinancialExpress.com indicate that Finance Minister Nirmala Sitharaman is expected to present the Union Budget for the fiscal year 2024-25 in Parliament on either July 23 or 24. However, an official date for the Budget presentation has yet to be announced. It is anticipated to be tabled on the first day of the Monsoon Session of Parliament, potentially on July 22.

Key Highlights from Budget 2024 On February 1, 2024, Finance Minister Nirmala Sitharaman unveiled the interim Budget, featuring several significant announcements:

• Expansion of PM AWAS Yojana to include 2 crore additional homes
• Middle-class housing initiatives
• Implementation of rooftop solar power generation for a minimum of 300 units
• Increased targets for Lakhpati Didi scheme
• Strengthening and empowering MSMEs for global competitiveness
• Focus on Eastern region development (Bihar, Odisha, Jharkhand, West Bengal, and Chhattisgarh)
• Introduction of next-generation reforms
• Development of three major railway corridors and enhancement of 40,000 coaches to Vande Bharat standards
• Urbanization efforts including metro expansions and NaMo Bharat initiatives
• Allocation of Rs 1 lakh crore for Research and Innovation
• Boost to tourism sector."

Understanding the Interim Budget

An interim budget is typically presented by a sitting government facing a transition period or in its final year before general elections, which occur every five years. It provides a detailed breakdown of projected expenditures and anticipated revenue from taxes for the upcoming months until the elections. Unlike a full budget, which only a new government can present, the interim budget allows the current administration to seek parliamentary approval for withdrawing funds from the consolidated fund of India to meet budgetary requirements before the end of the fiscal year. Additionally, the interim budget may include certain policy measures. Read more for further details.

The Reason Behind Two Budgets This Fiscal Year Sources indicate that Finance Minister Nirmala Sitharaman plans to unveil the complete FY25 Budget around July 23 or 24, aligning with the Monsoon Session of Parliament.

On February 1, 2024, the finance minister introduced the Interim Budget—a provisional allocation to manage government expenditures until a new government assumes power following elections. This occurs every five years or when elections lead to the dissolution of the existing government.

Pre-budget Consultation with Health and Education Sector Experts Finance Minister Nirmala Sitharaman led the ninth pre-budget consultation on June 27, gathering insights from experts in the health and education sectors for the upcoming General Budget 2024-25. The session included the Union Minister of State for Finance, the Finance Secretary, the Secretary of the Department of Expenditure, and key officials from the Departments of Economic Affairs, Revenue, Higher Education, School Education and Literacy, as well as the Ministry of Health and Family Welfare. The Chief Economic Adviser to the Government of India also participated in the meeting."

Consultation with Employment and Skill Development Sectors On June 25, Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs, chaired the eighth pre-Budget consultation in New Delhi. The session focused on gathering recommendations from experts in employment and skill development sectors for the upcoming General Budget 2024-25. The meeting was attended by the Finance Secretary, Secretary of Expenditure, Secretaries from the Departments of Economic Affairs, Skill Development and Entrepreneurship, Labour, and the Chief Economic Adviser of the Government of India.

Consultation with Trade and Services Representatives Finance Minister Nirmala Sitharaman led the seventh pre-Budget consultation with trade and services representatives on June 25 in New Delhi. The meeting, attended by the Union Minister of State for Finance, Finance Secretary, Secretary of Expenditure, Secretaries from the Departments of Economic Affairs and Commerce and Industry, along with the Chief Economic Adviser of the Government of India, aimed to gather suggestions for the upcoming General Budget 2024-25.

Consultation with Trade Unions and Labour Organizations Finance Minister Nirmala Sitharaman chaired the sixth pre-budget consultation in New Delhi on June 24 with representatives from trade unions and labour organizations to gather suggestions for the upcoming General Budget 2024-25.

FM Sitharaman Leads Pre-Budget Consultation with State Finance Ministers On June 22, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chaired a pre-Budget consultation involving finance ministers from states and union territories. The session aimed to gather insights and recommendations for the forthcoming Union Budget 2024-25.

Budget 2024 Consultation with Farmer Groups and Agricultural Economists On June 21, Finance Minister Nirmala Sitharaman conducted a pre-budget consultation meeting with representatives from farmer groups and agricultural economists. The session was attended by Minister of State for Finance, Pankaj Chaudhary, Finance Secretary TV Somanathan, Chief Economic Adviser V Anantha Nageswaran, Secretary of the Department of Economic Affairs, and senior officials from the Ministry of Agriculture.

Nirmala Sitharaman Engages in Pre-Budget Talks with Industry Leaders and Associations Finance Minister Nirmala Sitharaman conducted her third pre-Budget consultation with industry leaders and associations. Following the meeting, PHDCCI recommended enhancing the manufacturing sector, boosting consumption demand, and offering tax relief to middle-income groups through rationalization of tax brackets.