Budget 2024 Live Update: Finance Minister Nirmala Sitharaman to Present Union Budget on July 23. Stay Tuned!

Read the given blog that covers all the news about this Union budget yet to be presented by Nirmala Sitharama on July 23rd this year.

Budget 2024 Live Updates

The first session of the 18th Lok Sabha commenced after the Indian Prime Minister, Narendra Modi, was sworn in. Indian people are waiting for a formal announcement of the Union Budget by Nirmala Sitharaman, the Finance Minister of India. She is expected to present the union budget on either July 3rd or July 4th once the Parliament’s Monsoon session commences. 

What is the Union Budget?

It is an annual financial estimated statement of all the receipts and expenditures of the specific year. It presents the finances between April 4th to March 31st. The main focus of the 2024-2025 Union budget is expected to concentrate more on economic growth by equalizing inflation, agriculture, education, healthcare, and infrastructure.

The parliament’s Monsoon session is all set to begin on July 22nd and is expected to continue till August 9th. The budget must plan the difficult task of combining progressive suggestions with financial care during these economic challenges.

53rd GST Council Meeting Agenda

Nirmala Sitharaman presided over the 53rd GST council meeting on June 22nd which deliberated on multiple suggestions to make GST applicability efficient across goods and services. Some recommendations were made to improve tax rates and service release under the GST rule.  

Indian Finance Minister Sitharaman stressed the Centre's commitment to provide states with timely tax devolution and GST compensation arrears to stimulate growth.

Agenda - According to an official statement, Nirmala Sitharaman emphasized the government's assistance in boosting growth with timely tax devolution, Finance Commission grants, and GST compensation arrears.

Om Birla, 3-time MP of BJP, was re-elected as the Lok Sabha Speaker for a second term on 26th June. Through a voice vote on 26th June, he won against Kodilkunnil Suresh of Congress, India Bloc’s candidate. 

2024 Budget Expectations

The new government has a strong economy and an important boost from the RBI. The Reserve Bank of India (RBI) announced an INR 2.11 Lakh Crores allotment for FY24 (Fiscal Year 2024).

This will help the Centre speed up fiscal consolidation, decrease the debt-to-GDP ratio, and cut back on market borrowing.

What is a Fiscal Deficit?

It is the difference between the expenditure in a year and the government’s revenue. This indicates the difference between how much a government earns and how much it spends in a specific year. 

The finance minister presented the Interim Budget on February 1st in which the major policy changes for the middle class and privileges were avoided. 

Union Budget 2024 Challenges 

Nirmala Sitharaman faces challenges of boosting growth while ensuring fiscal consolidation and controlling inflation for the full budget. She has to consider the demands of supporters like Nitish Kumar’s Janata Dal (United) and N. Chandrababu Naidu’s Telugu Desam Party. They helped the BJP form its 3rd successive government after these supporters failed to secure a Lok Sabha Majority in the latest Lok Sabha Elections. 

Can India's Economy Survive the World Economic Storm?

V Anantha Nageswaran, the chief economic advisor, believes that investment in the private sector is the solution to readjusting the Indian economy towards investment & manufacturing, which will allow the shifting away from its present customer-centric model. He encourages businesses to start investing despite unstable global conditions.

Union Budget 2024 Highlights

The Indian Ministry of Finance initiated working on the budget-making process on 4th September 2023. Droupadi Murmu, the Indian President, will officially open the budget session by addressing both houses of the Parliament on the first day which is expected to be July 23rd this year. A precise document briefing about the state of India’s economy will be presented before the Union Budget in place of a full report.

When can I watch the Live streaming of the Union Budget 2024?

You can watch the Live streaming of the Union Budget 2024 on the 23rd of July. It will be the day of the Union Budget presentation.

Conclusion

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