As the Union Finance Minister, Nirmala Sitharaman, is set to present her seventh Union Budget, the Monsoon Session of Parliament will commence on July 22.
With the presentation of this year’s budget, Sitharaman will establish herself as the first Finance Minister to present seven consecutive budgets, breaking the record of Morarji Desai’s six budget presentations.
Desai, who was the country’s Finance Minister from 1959 to 1964, presented a record six budgets for the country, of which five were full budgets and one was an interim budget.
Budget 2024 will delivered in paperless form. An Interim Union Budget 2024 was presented on February 1, as the country was due for general elections.
As part of the preparation, the Finance Ministry has completed several rounds of deliberations with different stakeholders of the economy.
These meetings started on June 20, during which Sitharaman met representatives from trade unions, the education and health sectors, employment and skilling, MSMEs, trade and services, industry, economists, the financial sector and capital markets, as well as representatives from the infrastructure, energy, and urban sectors.
During the meetings, economists discussed several critical issues, such as boosting capital expenditure and reducing the fiscal deficit.
The group of economists suggested to the ministry that the focus should be on reducing the fiscal deficit in the upcoming budget, along with the need to generate employment growth.
The industry body, the Confederation of Indian Industry (CII), suggested that the government increase capital expenditure in the upcoming budget. The economists also emphasised the need to enhance capital expenditure.
Farmer associations urged the Finance Minister to enhance the budgetary allocation for the agriculture sector. Representatives from the skilling and employment sectors suggested ways to skill the youth for better utilization of the workforce.
This year’s Monsoon Session will have 19 sittings until August 12. The Modi government is expected to present six bills, among which the Aircraft Act and Parliament’s nod for the budget of Jammu and Kashmir are prominent. The government will also present the Finance Bill after the announcement of the budget on July 23. Among the other bills, 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 will be tabled in this year’s Monsoon Session.
The Bhartiya Vayuyan Vidheyak 2024 will replace the Aircraft Act of 1934 and streamline regulations in the civil aviation sector, aiding industry players in the sector. The interim budget, tabled on February 1, addressed the financial needs of the intervening period until a government was formed after the Lok Sabha polls, after which a full budget was supposed to be presented by the new government in July.
The documents will be available on the “Union Budget Mobile App” for hassle-free access to budget documents by Members of Parliament (MPs) and the public.
