Union Budget 2024, Date announced

The Union Budget 2024, a pivotal financial document outlining the government’s economic plans and policies, is set to be presented by Finance Minister Nirmala Sitharaman in the Parliament on July 22, 2024. This announcement, reported by News18 and confirmed by government sources, marks a significant event in India’s fiscal calendar.

Economic Survey Release

Prior to the budget presentation, the Economic Survey document, which provides a comprehensive overview of the country’s economic performance over the past year, is expected to be released on July 3, 2024. The survey serves as a precursor to the budget, offering critical insights and setting the context for the financial strategies that will be unveiled.

Transition from Interim Budget

This Union Budget will be the first full-fledged budget after the interim budget announced by Sitharaman on February 1, 2024. The interim budget was a stopgap measure necessitated by the then-impending Lok Sabha Elections. With the elections concluded and the government reformed, the upcoming budget will aim to address both immediate and long-term economic goals.

Sitharaman’s Role and Preparations

Nirmala Sitharaman, who has retained her position as Finance Minister in the reformed government, has already initiated the budget preparation process. On June 12, 2024, she held a meeting with senior finance ministry officials, directing them to start the detailed planning and comprehensive analysis required for the budget. ANI reported that Sitharaman emphasized the need for meticulous planning to ensure that the budget addresses the country’s economic priorities and challenges effectively.

GST Council Meeting

In addition to budget preparations, Sitharaman will chair the 53rd meeting of the Goods and Services Tax (GST) Council on June 22, 2024, in New Delhi. This meeting, the first since October 2023, is crucial for discussing GST-related matters, including tax rates, policy amendments, and administrative issues. The outcomes of this meeting are highly anticipated by businesses, policymakers, and the public, as they will impact India’s indirect tax framework.

Key Points to Watch

1. Budget Presentation: July 22, 2024
2. Economic Survey Release: July 3, 2024
3. Interim Budget Transition: Moving from the interim budget of February 1, 2024, to a full budget.
4. Preparatory Meetings: Finance Ministry’s ongoing preparations led by Sitharaman.
5. GST Council Meeting: Scheduled for June 22, 2024, to discuss critical GST matters.

Conclusion

The Union Budget 2024 is poised to be a comprehensive financial plan addressing India’s economic challenges and setting the stage for future growth. With meticulous preparations underway and key discussions scheduled in the GST Council, stakeholders across the spectrum are keenly awaiting the announcements. The budget’s focus on economic priorities will be crucial in shaping India’s fiscal policies and growth trajectory in the coming year.