Union Budget to be presented in Parliament by Finance Minister on this date

Finance Minister Nirmala Sitharaman is all set to present the Union Budget in the Lok Sabha - the lower house of Parliament - on July 23, according to an official statement. The Budget Session of Parliament will be conducted from July 22 to August 12. The upcoming Budget will be the first under the Narendra Modi 3.0 government.      

The President of India on the recommendation of the government has approved the proposal for the summoning of both Houses of Parliament - the Lok Sabha and the Rajya Sabha - for the Budget Session on the said dates, subject to exigencies of Parliamentary Business, Minister of Parliamentary Affairs Kiran Rijiju wrote on microblogging site X (formerly Twitter).

Hon’ble President of India, on the recommendation of Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July, 2024 to 12 August, 2024 (Subject to exigencies of Parliamentary Business). Union Budget,…

— Kiren Rijiju (@KirenRijiju) July 6, 2024

In a Vote on Account - the last Budget before going into polls, the Finance Minister said the government targets to contain fiscal deficit at 5.1 per cent while announcing a record capital expenditure (capex) of Rs 11.1 lakh crore for the financial year 2024-25. Catch key takeaways from Interim Budget 2024

The Budget session of Parliament is a significant period during which the government presents its annual budget and related financial documents to the Parliament for approval. It covers a slew of important aspects and functions including the presentation and passage of Budget and discussions about its various nuances.  

The Union Budget includes estimates of government revenue and expenditure for the upcoming fiscal year, along with proposals for taxation and spending priorities. While the Lok Sabha has the primary role in financial matters, including taxation and expenditure, the Rajya Sabha can suggest amendments but cannot reject the Budget outright.

While the Budget is the main focus in the Budget session of Parliament, it allows for the transaction of other legislative business, including the introduction and passing of bills related to finance, economic policies, and other matters of national importance.

The Budget session is crucial as it sets the financial framework for the government's activities in the coming months, and reflects the government's priorities, policies, and plans for economic growth, welfare schemes and infrastructure development, among others.