Budget 2024 will be delivered in paperless form, similar to previous full Union Budgets. An Interim Union Budget for 2024 was presented on February 1 in the run-up to general elections. The Finance Ministry has concluded several rounds of deliberations with various economic stakeholders as part of budget preparations.
Since June 20, Sitharaman engaged with representatives from trade unions, education and health sectors, MSMEs, economists, and more. These meetings were intended to gather input on key budgetary concerns. Economists highlighted issues like boosting capital expenditure and reducing the fiscal deficit. Industry representatives from the Confederation of Indian Industry (CII) advocated for increased capital expenditure in the upcoming budget.
“Economists discussed several critical issues, such as boosting capital expenditure and reducing the fiscal deficit,” a Ministry official stated.
Another official remarked, “The group of economists suggested to the ministry that the focus should be on reducing the fiscal deficit in the upcoming budget, along with the need to generate employment growth.”
Farmer associations have urged the Finance Minister to increase budgetary allocations for the agriculture sector. Representatives from the skilling and employment sectors suggested methods for better youth workforce utilization.This year’s Monsoon Session will continue until August 12, including 19 sittings. The Modi government plans to present six bills, including the Aircraft Act and Parliament’s approval for the budget of Jammu and Kashmir. Other bills include the Finance Bill, the disaster management law, Bhartiya Vayuyan Vidheyak 2024, the Boilers Bill, and the Coffee (Promotion and Development) Bill, and the Rubber (Promotion and Development) Bill.Significantly, the Bhartiya Vayuyan Vidheyak 2024 aims to replace the Aircraft Act of 1934, streamlining regulations in the civil aviation sector to assist industry players.
The interim budget presented on February 1 addressed the financial needs for the intervening period until a new government was formed post-Lok Sabha polls, after which a full budget was expected in July.
The Union Budget documents will be accessible via the “Union Budget Mobile App,” ensuring hassle-free access for both Members of Parliament (MPs) and the public.
With inputs from ANI