New Delhi: Union Finance Minister Nirmala Sitharaman is poised to make history as she prepares to present her seventh consecutive Union Budget, marking a significant milestone. The Monsoon Session of Parliament will commence on July 22, during which Ms. Sitharaman will surpass the record held by Morarji Desai, who previously presented six budgets.
Morarji Desai, who served as Finance Minister from 1959 to 1964, delivered six budgets—five full and one interim—setting a record that will be eclipsed by Ms. Sitharaman’s seventh budget presentation. In keeping with recent practices, Budget 2024 will be delivered in a paperless format. Earlier this year, on February 1, an Interim Union Budget was presented due to the upcoming general elections.
Preparation for this year’s budget involved extensive consultations with various economic stakeholders. These discussions, which began on June 20, included representatives from trade unions, the education and health sectors, employment and skilling, MSMEs, trade and services, industry, economists, and officials from the infrastructure, energy, and urban sectors.
Economists have emphasized the need to focus on reducing the fiscal deficit and boosting capital expenditure in the upcoming budget. The Confederation of Indian Industry (CII) also recommended an increase in capital expenditure to stimulate economic growth. Additionally, farmer associations have called for a greater allocation for the agriculture sector, while representatives from the skilling and employment sectors have proposed measures to enhance workforce skills.
The Monsoon Session will feature 19 sittings until August 12, with the Modi government expected to introduce six bills. Notable among these are the Aircraft Act and the Finance Bill, which will follow the budget presentation on July 23. Other proposed bills include the Disaster Management Law, the Bhartiya Vayuyan Vidheyak 2024, the Boilers Bill, the Coffee (Promotion and Development) Bill, and the Rubber (Promotion and Development) Bill.
The Bhartiya Vayuyan Vidheyak 2024 aims to replace the Aircraft Act of 1934, streamlining regulations in the civil aviation sector and benefiting industry stakeholders. The interim budget, presented earlier this year, addressed financial needs until a new government was formed following the Lok Sabha elections. A full budget is now scheduled for presentation by the new government in July.
For easy access to budget documents, the Union Budget will be available on the "Union Budget Mobile App," which is bilingual (English and Hindi) and accessible on both Android and iOS platforms. The app can also be downloaded from the Union Budget Web Portal at www.indiabudget.gov.in.
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