While Prime Minister Modi is signing various agreements to enhance friendship and trade relations between the two countries during his visit to Russia, the Union Finance Ministry is busy preparing the full budget statement for the financial year 2024-25.
The full budget for 2024-25 is to be tabled on July 23 during the budget session of Parliament starting on July 22. As it is the first budget of the Modi 3.0 regime, there is high expectation among the people.
This budget is expected to be an important budget statement announcing welfare schemes and various benefits for the poor and middle class. It is expected that this budget will provide relief to the people who are facing excessive effects due to the increase in prices.
Before Union Finance Minister Nirmala Sitharaman presents the budget on the morning of July 23, the Economic Survey for the year 2023-24 will be tabled in Parliament on July 22.
The President of India, on the recommendation of the Government of India, has approved a proposal to convene both the Houses of Parliament for the Budget Session from July 22, 2024 to August 12, 2024. Union Budget 2024-25 will be tabled in the Lok Sabha on July 23, 2024, Parliamentary Affairs Minister Kiran Rijiju said last week.
The interim budget was presented on February 1, when the budget is usually presented due to general elections, in which the total budget expenditure of the central government was Rs 47.65 lakh crore. This amount may increase depending on the new schemes added by the current 3.0 Modi government. But key ratios like fiscal deficit are unlikely to change much.
2.11 lakh crore rupees financial support from RBI. This is higher than the Rs 80,000-90,000 crore announced in the budget. With this additional financial support, the government will not only announce new incentives, but will also try to improve the existing schemes.
Through this, the budget to be submitted on July 23 is a reason to believe that there will be more welfare programs for the poor and middle class.
In the interim budget tabled on February 1, the fiscal deficit target for fiscal year 2025 was set at 5.1%. This target is expected to be around 5% of the full budget tabled on July 23.
