Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget for FY25 on July 23, marking the commencement of the Budget session from July 22 to August 12.
The announcement came after Parliamentary Affairs Minister Kiren Rijiju confirmed the approval from President Droupadi Murmu to convene both Houses of Parliament for the Budget Session, 2024. Rijiju expressed this via social media, stating, "Hon’ble President of India has approved the proposal for summoning of both the Houses of Parliament for the Budget Session."
Preceding the Budget presentation, extensive pre-Budget consultations were held from June 19 to July 5 under the guidance of Finance Minister Nirmala Sitharaman. These consultations involved over 120 participants across various sectors including farmer associations, trade unions, education, MSMEs, industries, and more. Sitharaman acknowledged the valuable inputs received and assured stakeholders that their suggestions would be thoughtfully considered in the Budget preparation.
Finance Minister Nirmala Sitharaman has engaged in extensive discussions to gather a spectrum of recommendations ahead of the upcoming budget. According to sources familiar with the meetings, a variety of suggestions were put forth. These included the importance of maintaining consistent capital expenditure and fiscal discipline. Additionally, there were calls for reducing tax rates to stimulate private consumption and increasing allocations for social and rural sectors.
Representatives from industry bodies emphasized the necessity for reforms across multiple sectors such as land, agriculture, capital, power, and labor markets. They proposed initiatives like an outcome-driven employment policy, incentive schemes tied to job creation, and an extension of tax benefits for new manufacturing units beyond March 2024.
Among the proposals was the urgency to introduce a new industrial policy, streamline business costs, ease compliance burdens for companies, and advance the privatization of state-owned enterprises. Senior trade executives also highlighted the need for adequate budgetary support to maintain zero-rated exports.
In response, Sitharaman assured the experts and representatives that all suggestions would be thoroughly evaluated in the budget preparation process.
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