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Modi 3.0 First Budget: Finance Minister Nirmala Sitharaman will present the Union Budget on July 23 at 11 am. The monsoon session of Parliament has begun on July 22 and will continue till August 12. This will be the first budget of the third term of the Bharatiya Janata Party (BJP) led by Prime Minister Narendra Modi and the seventh consecutive budget of Finance Minister Sitharaman.
All documents related to the budget will be available on indiabudget.gov.in. The budget presentation can be watched live on Doordarshan, Sansad TV and various government YouTube channels. With this, Nirmala Sitharaman will break the record of former Prime Minister Morarji Desai. However, the record of presenting the budget the most number of times is still in the name of Desai. Sitharaman will turn 65 next month.
She was made India's first full-time woman finance minister in 2019. This year, Prime Minister Narendra Modi formed the government at the Centre for the second consecutive time. Since then, Sitharaman has presented six consecutive budgets, including an interim budget in February this year. The full budget for the financial year 2024-25 (April 2024 to March 2025) will be her seventh consecutive budget. She will surpass the record of Desai, who presented five consecutive full budgets and one interim budget between 1959 and 1964.
People's expectations from the budget
Economists believe that in the general budget to be presented this week, there may be some announcements on social security schemes like the new pension system and Ayushman Bharat. However, there is little hope of relief in the matter of income tax. They also say that to boost the economy, emphasis is likely to be taken on infrastructure, increase in rural and agricultural distribution and steps to promote micro and small industries.
While releasing the Bharatiya Janata Party's manifesto for the Lok Sabha elections, PM Modi had said that all citizens above the age of 70 years will be brought under the Ayushman Yojana for free treatment up to Rs 5 lakh. He also said that the party's focus is on ensuring dignity and better life and employment for the people through investment.
Along with this, Moody's Analytics said that there may be an increase in capital expenditure in the full budget for the financial year 2024-25 to be presented in Parliament on Tuesday. Moody's Analytics economist Aditi Raman said on Monday that after losing its absolute majority in the Lok Sabha in June, Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) will try to restore public confidence in the new coalition government.
He said the interim Budget Tax rates have been retained, but any increase in planned government spending would have to be accompanied by higher taxes, through direct or indirect taxes, to prevent the deficit from widening.