The Budget Session for the year 2024-25 will commence on July 22 and continue until August 12, in both the Upper and the Lower House of the Parliament, Union Minister Kiren Rijiju announced on Saturday.
The full Budget will be presented in the Lok Sabha on July 23. This session marks the beginning of Prime Minister Narendra Modi's third term.
Union Finance Minister Nirmala Sitharaman will present the Union Budget. Earlier this year in February, she presented an interim budget due to the pending Lok Sabha elections.
Interim Budget 2024-25
The Interim Budget for 2024-25, presented by Finance Minister Nirmala Sitharaman earlier this year, has centred on social justice and the empowerment of women.
The launch of the Lakhpati Didi scheme, which intends to train women in self-help groups (SHGs) to earn a sustainable income of at least Rs 1 lakh per year per household, is a noteworthy highlight of this budget. This program is a critical step toward the economic empowerment and independence of women.
The fiscal deficit for FY25 is estimated by Sitharaman's interim budget to be 5.1% of GDP. The focus on capital expenditures has not diminished, with a 16.9% increase to Rs 11.11 lakh crore. The goal of this increased expenditure is to maintain and boost economic expansion.
President Draupadi Murmu on Budget
President Droupadi Murmu, in her joint address to Parliament, indicated that the upcoming Budget would include "many historic steps" and aim to accelerate the pace of reforms.
This has raised expectations among various segments of society, especially the middle and salaried classes who are hoping for changes in the income tax structure to increase disposable income.
"This Budget will be an effective document of the government's far-reaching policies and futuristic vision. Along with major economic and social decisions, many historic steps will also be seen in this Budget... "The pace of reforms will be further accelerated in tune with the aspirations of people of India for rapid development," she had said on June 27.
In her address to the Parliament, President Murmu emphasised that the government's future goals, which include making India the third-largest economy in the world, would be outlined in the upcoming budget. In spite of worldwide obstacles like the pandemic and geopolitical disputes, India has grown at an average annual rate of 8% during the past ten years. This growth, which accounts for 15% of global growth, is a result of the government's consistent reforms.
"This growth rate has been achieved despite a global pandemic and conflicts in different parts of the world. This is the result of the reforms of the last 10 years. India alone is contributing 15 per cent to global growth. My government is working to make India the world's third-largest economy," she added.
(Inputs from Agencies)
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