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Union Budget 2024-25 Likely To Be Presented In Late July

Updated: Jun 13, 2024 04:56:37pm

Union Budget 2024-25 Likely To Be Presented In Late July

New Delhi, Jun 13 (KNN) The Union Government is expected to present the full Budget for the fiscal year 2024-25 during the second fortnight of July, according to sources within the administration.

This timeline emerges following an announcement from Parliamentary Affairs Minister Kiren Rijiju, who stated that the first session of the 18th Lok Sabha will convene from June 24 to July 7.

Concurrently, the 264th session of the Rajya Sabha will commence on June 27 and conclude on July 3.

After a recess following the Moharram festival on July 17, the second part of the session will reconvene, with the presentation of the Economic Survey for the fiscal year 2023-24, followed by the full Budget.

The government aims to complete the budgetary process by August 14, as a vote-on-account has been taken for the period between April and August.

While the interim Budget primarily focused on the economic achievements of the Modi Government over the past decade and facilitated the vote-on-account, the full Budget is anticipated to include policy announcements and outline a vision for the upcoming five-year term.

Additionally, the fiscal deficit projection, initially estimated at 5.1 percent for the fiscal year 2025, will be closely monitored.

Factors such as the record transfer of surplus from the Reserve Bank of India (RBI) and continued growth in tax revenues may contribute to a potential downward revision of this deficit projection by 10 to 20 basis points.

However, increased allocations for capital expenditure and various Central Sector Schemes could offset any deficit reduction efforts.

Unlike the usual practice, the Demands for Grants and tax proposals will not undergo scrutiny by the Department-related Standing Committee, as no recess is planned after the presentation of the full Budget.

Both Houses of Parliament will deliberate on all expenditure proposals, except those charged on the Consolidated Fund.

Once the Lok Sabha approves the Budget, the Rajya Sabha will discuss and potentially suggest amendments before returning the financial statement and Finance Bill to the Lok Sabha.

(KNN Bureau)


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