Budget 2024: Here's why FM Nirmala Sitharaman will present the budget in July this year

Finance Minister Nirmala Sitharaman unveiled the interim Budget for FY25 on February 1

Union Finance Minister Nirmala Sitharaman is likely to present the Union Budget for the financial year 2024-25 in the latter half of July.

She will become the first-ever FM to present seven consecutive Union Budgets, surpassing Morarji Desai who presented six Budgets in a row.

The Budget is an estimation of the revenue and expenditure of the Centre that keeps the account of its finances for the financial year which is from April 1 to March 31. It is the most extensive account of the central government's finances.

In recent years, the Union Budget is presented on February 1. However, since 2024 was a general election year, FM Sitharaman presented an interim budget in February.

The results of the Lok Sabha elections came out on June 4, 2024, where the National Democratic Alliance (NDA) won the third consecutive time defeating the opposition INDIA alliance. Hence, FM will present the budget next month.

Also Read | In pre-Budget meet with FM, trade unions suggest income tax relief, restoration of OPS

Currently, the first Parliamentary session of the 18th Lok Sabha is underway. It started on June 24 with cabinet ministers taking oath and will conclude on July 3.

Last week, Nirmala Sitharaman presided over a crucial pre-Budget consultation meet with the finance ministers of states and union territories on June 22. The meeting aimed to gather insights and recommendations for the upcoming Union Budget.

Also Read | MSMEs highlight issues in raising capital, seek reforms during pre-Budget discussion with FM

The FM assured ministers that their recommendations would be duly considered during the formulation of the Union Budget for the next fiscal year.