Before submitting the budget, FM Nirmala Sitharaman will meet with ministry secretaries and request authorisation from the President.
FM Nirmala Sitharaman arrives at the Parliament before union Budget 2024 presentation/ PTI
Finance Minister Nirmala Sitharaman is scheduled to unveil the Union Budget 2024 in Parliament today at 11 am. This will be her seventh consecutive budget, breaking Morarji Desai's record of six straight budgets. The emphasis is expected to be on improvements to the income tax structure and enhancing the ease of doing business in India.
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The highly anticipated Union Budget 2024, the first under the Modi 3.0 government, will be closely monitored for important pronouncements and economic direction. Sitharaman will deliver a statement of estimated receipts and expenditures for the year to both the Rajya Sabha and the Lok Sabha, reported ANI.
According to the report, FM Nirmala Sitharaman will also present documents under the Fiscal Responsibility and Budget Management Act of 2003 and declarations for the Union Territory of Jammu and Kashmir.
The interim budget issued on February 1 served until the formation of a new government following the Lok Sabha elections. Sitharaman's presentation of the entire budget will break Morarji Desai's record.
The budget session of Parliament began on July 22 and will end on August 12. The ANI report stated that before submitting the budget, FM Nirmala Sitharaman will meet with ministry secretaries and request authorisation from the President. A Cabinet Meeting, convened by the Prime Minister, will also be conducted to brief ministers and seek consent.
The budget process normally begins in September or October with the Ministry of Finance requesting demands and proposals from other departments and businesses. A traditional 'halwa ceremony' signals the commencement of budget document printing, resulting in a lockdown in the finance ministry until the budget is delivered, the report added.
The Chief Economic Advisor prepares the Economic Survey, which is presented the day before the budget and includes an assessment of the economy, policy suggestions, and a forecast for the future. The most recent Economic Survey, presented on Monday, forecasted India's growth at 6.5-7.0 per cent in 2024-25, highlighting the economy's resiliency.
The Union Budget 2024 will be thoroughly examined in Parliament, allowing for criticism and modifications. Once adopted, the budget undertakes post-budget efforts to carry out its provisions and achieve its objectives, the report added.
According to the ANI report, the Union Budget 2024, like recent budgets, will be paperless. MPs and the general public will be able to easily access documents through the "Union Budget Mobile App" and the Union Budget Web Portal. The app is available in English and Hindi for Android and iOS.
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