Nirmala Sitharaman Presents Historic 7th Union Budget in Parliament
New Delhi, July 23: Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 in Parliament today, marking her seventh consecutive budget. This surpasses the record of six consecutive budgets held by the late Morarji Desai. The budget presentation will focus on changes in the income tax structure and improving the ease of doing business in India.
Key Events and Procedures
At 11 am, the full budget for 2024-25, the first under the Modi 3.0 government, will be presented. Sitharaman will lay out the estimated receipts and expenditures for the year 2024-25 in both the Lok Sabha and Rajya Sabha. She will also present statements related to the Fiscal Responsibility and Budget Management Act, 2003, and the estimated receipts and expenditures for the Union Territory of Jammu and Kashmir.
Before presenting the budget, Sitharaman will meet with her ministry’s secretaries and then visit the President’s residence for permission. A Cabinet meeting headed by the Prime Minister will be held to brief ministers about the budget and obtain Cabinet approval.
Budget Preparation Process
The Ministry of Finance issues circulars to all ministries, Union territories, States, and autonomous entities to send their demands and recommendations for the Union budget around September-October. A ‘halwa ceremony’ marks the start of budget document printing, and the budget team is locked down in the ministry until the budget is presented.
Economic Survey
A day before the budget, the government releases its Economic Survey, prepared by the Chief Economic Advisor. The survey provides an overview of the country’s economic performance and policy recommendations. This year, the survey projects India to grow at 6.5-7.0 percent in 2024-25.
Post-Budget Activities
After the budget is presented, it undergoes detailed debate and discussion in both houses of Parliament. Once approved, the budget sets in motion a series of activities aimed at implementing its provisions. Like previous budgets, the Budget 2024 will be delivered in paperless form, and all documents will be available on the ‘Union Budget Mobile App’ and the Union Budget Web Portal.
Doubts Revealed
Nirmala Sitharaman -: Nirmala Sitharaman is the Finance Minister of India. She is responsible for managing the country’s finances, including presenting the budget.
Union Budget -: The Union Budget is a financial plan presented by the government every year. It shows how the government will earn and spend money.
Parliament -: Parliament is where the government makes important decisions and laws. It has two parts: the Lok Sabha and the Rajya Sabha.
Morarji Desai -: Morarji Desai was a former Prime Minister and Finance Minister of India. He presented the budget many times in the past.
Income tax changes -: Income tax changes refer to adjustments in the amount of money people have to pay to the government based on their earnings.
Ease of doing business -: Ease of doing business means making it simpler for companies to start and run their businesses in India.
Cabinet meeting -: A Cabinet meeting is a gathering of top government officials who discuss and make important decisions.
Halwa ceremony -: The ‘halwa ceremony’ is a tradition where a sweet dish called halwa is prepared and shared before the budget documents are finalized.
Economic Survey -: The Economic Survey is a report that reviews the country’s economy and predicts future growth.
Growth at 6.5-7.0% -: Growth at 6.5-7.0% means the economy is expected to grow by this percentage, showing how much more goods and services the country will produce.
Paperless budget -: A paperless budget means all the budget documents are available digitally, not on paper.
Union Budget Mobile App -: The Union Budget Mobile App is an application you can download on your phone to read the budget documents.
Web Portal -: A web portal is a website where you can find information, in this case, about the Union Budget.