Lagatar24 Desk
New Delhi: The Monsoon Session of Parliament is set to commence on July 22, with Union Finance Minister Nirmala Sitharaman poised to present her seventh consecutive Union Budget. This achievement will make her the first Finance Minister in Indian history to present seven successive budgets, surpassing the previous record held by Morarji Desai, who presented six budgets from 1959 to 1964.
In keeping with recent practices, Budget 2024 will also be delivered in a paperless format. An Interim Union Budget 2024 was previously presented on February 1 in anticipation of the general elections.
The Finance Ministry has conducted extensive consultations with various economic stakeholders as part of the budget preparation process. These deliberations, which began on June 20, included representatives from trade unions, education and health sectors, employment and skilling, MSMEs, industry, economists, the financial sector, capital markets, and infrastructure, energy, and urban sectors.
Key issues discussed during these meetings included boosting capital expenditure and reducing the fiscal deficit. Economists advised the ministry to focus on reducing the fiscal deficit and generating employment growth. The Confederation of Indian Industry (CII) and other industry bodies emphasized the need for increased capital expenditure. Farmer associations called for enhanced budgetary allocations for the agriculture sector, while representatives from the skilling and employment sectors suggested ways to better utilize the workforce.
The Monsoon Session will feature 19 sittings until August 12, during which the Modi government is expected to present six bills. Notable among these are the Aircraft Act and the budget for Jammu and Kashmir. The Finance Bill will also be presented following the budget announcement on July 23. Other significant bills include the Bhartiya Vayuyan Vidheyak 2024, which will replace the Aircraft Act of 1934, as well as the Boilers Bill, the Coffee (Promotion and Development) Bill, and the Rubber (Promotion and Development) Bill.
The Union Budget documents will be made available on the “Union Budget Mobile App,” providing hassle-free access for Members of Parliament (MPs) and the public. The bilingual app (available in English and Hindi) can be downloaded on both Android and iOS platforms, as well as from the Union Budget Web Portal (www.indiabudget.gov.in).
