Budget Session 2024-25: Key Questions Answered Amid Anticipation

As a new government takes charge at the center, discussions surrounding the Central Budget 2024-25 have commenced. During pre-budget discussions, Finance Minister Nirmala Sitharaman, along with industry representatives, emphasized the need to focus on infrastructure development to sustain economic growth.

The Central Budget 2024-25 is currently in preparation following the formation of the new government. Amidst ongoing global uncertainties, potential economic slowdowns in the US and Europe, and conflicts in regions such as Russia-Ukraine and Israel-Palestine, Finance Minister Nirmala Sitharaman is expected to present the Modi government's budget by the end of July 2024.

This budget presents a challenge in balancing bold initiatives and fiscal prudence. The Modi government has been entrusted with a mandate for the third consecutive time by the people. Recently, representatives from India's corporate sector strongly advocated for reducing the income tax burden on individuals, increasing capital expenditure, and implementing measures to control food inflation during a two-hour pre-budget meeting with Finance Minister Nirmala Sitharaman.

During the pre-budget discussions, industry representatives also highlighted the importance of focusing on infrastructure development to sustain economic growth. They emphasized the significance of strengthening the MSME (Micro, Small, and Medium Enterprises) sector, which is crucial for the Indian economy and employment generation.

Here, we attempt to answer some frequently asked questions related to the Central Budget 2024-25.

When will Finance Minister Nirmala Sitharaman present the Central Budget 2024-25?

According to experts, Finance Minister Nirmala Sitharaman is likely to present the Central Budget 2024-2025 in Parliament by the end of July 2024. The specific date and time have not yet been made public. However, it is confirmed that the budget will be presented in July. The government may clarify the budget date during the ongoing session of the Lok Sabha.

When will the budget session start and end?

The first session of the 18th Lok Sabha began on June 24, which includes the swearing-in of newly elected members and the election of the Lok Sabha Speaker. This session will continue until July 3. It is expected that the government will clarify the budget date during this session.

When will the President address both houses in the budget session?

President Droupadi Murmu will address the joint session of the Lok Sabha and Rajya Sabha on June 27.

What is the Economic Survey?

The Economic Survey provides an annual overview of the country's economic progress. It highlights significant challenges and suggests potential solutions. This year's survey is being prepared under the guidance of Chief Economic Advisor Dr. V. Anantha Nageswaran.

What is the difference between an Interim Budget and a Full Budget?

An interim budget is a temporary financial blueprint designed to cover expenses for a short period, typically until a new government takes charge. For instance, Finance Minister Nirmala Sitharaman presented an interim budget on February 1, 2024, to ensure smooth financial operations during the transition period after the financial year ended on March 31 and before the new government took office in early June. Now that the new government has been formed, a comprehensive budget for the remaining financial year will be presented in July.

What is a fiscal deficit?

A fiscal deficit represents the difference between the government's total revenue and its total expenditure within a financial year. It highlights how much the government's spending exceeds its earnings. It is important to note that when calculating total revenue, borrowing is excluded.