Nirmala Sitharaman to Present Her Seventh Union Budget in Monsoon Session
Union Finance Minister Nirmala Sitharaman is set to present her seventh Union Budget during the Monsoon Session of Parliament, which begins on July 22. This will make her the first Finance Minister to present seven consecutive budgets, surpassing Morarji Desai’s record of six.
The 2024 budget will be paperless, and the documents will be accessible via the ‘Union Budget Mobile App’ available in both English and Hindi on Android and iOS platforms.
The Finance Ministry has conducted several rounds of discussions with various stakeholders, including trade unions, economists, and industry representatives. Key issues discussed include reducing the fiscal deficit and increasing capital expenditure.
The Monsoon Session will have 19 sittings until August 12, during which six bills will be presented. Notable among these are the Finance Bill and the Bhartiya Vayuyan Vidheyak 2024, which aims to update regulations in the civil aviation sector.
Doubts Revealed
Nirmala Sitharaman -: Nirmala Sitharaman is the Finance Minister of India. She is responsible for managing the country’s finances, including the budget.
Union Budget -: The Union Budget is a financial plan presented by the government of India. It shows how the government plans to spend money and where it will get the money from.
Monsoon Session -: The Monsoon Session is one of the three sessions of the Indian Parliament held every year. It usually happens during the rainy season, around July to September.
Morarji Desai -: Morarji Desai was a former Prime Minister and Finance Minister of India. He presented six consecutive Union Budgets, a record now broken by Nirmala Sitharaman.
Paperless Budget -: A paperless budget means that the budget documents will not be printed on paper. Instead, they will be available digitally, like on a mobile app.
Fiscal Deficit -: Fiscal deficit is when the government’s spending is more than its income. It means the government needs to borrow money to cover the extra expenses.
Capital Expenditure -: Capital expenditure is the money the government spends on building things like roads, schools, and hospitals. It helps in the development of the country.
Finance Bill -: The Finance Bill is a proposed law that includes all the changes in taxes and other financial regulations announced in the budget.
Bhartiya Vayuyan Vidheyak 2024 -: Bhartiya Vayuyan Vidheyak 2024 is a proposed law related to aviation in India. It will include rules and regulations for air travel and airlines.
