Finance Minister Nirmala Sitharaman to present Union Budget 2024-25 today

New Delhi, July 22: Finance Minister Nirmala Sitharaman would present the Union Budget for 2024-25 on Tuesday, marking the first major union budget of the newly-formed government.

This budget is anticipated to outline the roadmap for making India a developed nation by 2047.

Sitharaman is set to present the Union Budget for the seventh consecutive time, marking a new record. Previously, Morarji Desai held the record for the most consecutive budget presentations, with six in a row.

Desai, however, still holds the overall record with ten budget presentations, including his consecutive streak.

Following Desai, former Finance Minister P Chidambaram presented nine budgets during his tenure.

Former Prime Minister Manmohan Singh presented five consecutive budgets.

Pranab Mukherjee also presented five consecutive budgets, contributing to a total of eight during his time in office.

The last two budgets did not introduce significant changes or relief in taxation for the common man.

Pre-budget expectations this year are focused on providing tax relief to the common man to boost consumption, as well as measures to control inflation and accelerate economic growth.

The government plans to introduce at least six Bills in Parliament.

The session is expected to be contentious, with a resurgent Opposition likely to continue its aggressive stance from the first session in June.

According to discussions at an all-party meeting on Sunday, opposition leaders aim to challenge the NDA-led BJP government on various issues, including the NEET paper leaks, railway safety, unemployment, and rising prices.

J&K Budget to be unveiled in Parliament today

Jammu and Kashmir’s Budget for 2024-25 would also be unveiled in the Lok Sabha on Tuesday.

Union Finance Minister Nirmala Sitharaman would present a statement of estimated receipts and expenditure of Jammu and Kashmir for 2024-25 on Tuesday shortly after presenting the Union Budget for the ongoing fiscal.

On February 5 this year, Rs 59,634 crore interim budget for J&K was presented in the Parliament by Niramala Sitharaman.

Sources said that the total budget estimates for J&K are expected to be Rs 1.18 lakh crore of which the revenue expenditure is estimated to be Rs 80 lakh crore and capital expenditure is likely Rs 38 lakh crore.

This would be the fifth consecutive budget of Jammu and Kashmir in the Parliament after imposition of Central rule in the erstwhile state.

The budget document is being presented in the Parliament as J&K is currently without its own Assembly.

Since June 19, 2018, when BJP withdrew support to Mehbooba Mufti-led government, J&K is without an elected government.

After the collapse of the Peoples Democratic Party (PDP)-Bharatiya Janata Party (BJP) government, the budget for 2019-20 was approved by then J&K Governor as head of the State Administrative Council (SAC).