Budget 2024 date: Why FM Nirmala Sitharaman will present two Budgets this year

Budget 2024 Date: With Prime Minister Narendra Modi announcing his Cabinet for the third consecutive term, all eyes are now on the Union Budget 2024. Nirmala Sitharaman, reinstated as the Finance Minister, will present the budget in July. This will be the first annual budget under Modi 3.0. The official date and time of the budget announcement will be notified after Parliament’s monsoon session schedule. Sitharaman is set to make history as the first Finance Minister to deliver seven consecutive budget presentations—comprising six full budgets and one interim—surpassing Morarji Desai’s record.

Meanwhile, Parliamentary Affairs Minister Kiren Rijiju has announced that the first session of the 18th Lok Sabha will run from June 24 to July 3. Kiren Rijiju tweeted, “First Session of the 18th Lok Sabha is being summoned from 24.6.24 to 3.7.24 for the oath/affirmation of newly elected Members, election of Speaker, President’s Address, and discussion thereon. The 264th Session of Rajya Sabha will commence on 27.6.24 and conclude on 3.7.24.”

Budget 2024 Date

The Budget is expected to be presented in Parliament during the week of July 15-21.

Nirmala Sitharaman’s shortest budget speech

On February 1, Finance Minister Nirmala Sitharaman presented her sixth consecutive Budget, delivering a speech that lasted 56 minutes—her shortest ever.

Nirmala Sitharaman took on the role of union finance minister for her second term on Wednesday and will present the full union budget in July 2024.

FM Nirmala Sitharaman To Present Budget Twice This Year, Here's Why

Everyone is now looking forward to the full budget, where she is expected to outline her vision for the next five years along with key policy announcements. She will also focus on tackling unemployment by boosting manufacturing.

Sitharaman, India's first full-time woman finance minister, has presented six budgets, including one interim budget. In the interim budget for FY25, she followed tradition by sticking to vote-on-account measures only.

Interim Budget: Earlier this year, the finance minister presented an interim budget on February 1. This temporary financial statement keeps the government running until the new government takes office. The interim budget includes necessary expenses and allocations but usually avoids major policy changes, ensuring the government functions smoothly until a new government is formed after the election.

Full Budget: After the general elections, the new government presents a full budget for the financial year. This year, it's expected in July. The full budget will detail the new government's economic policies, expenses, and revenue plans for the entire year, reflecting its priorities and any policy changes.

Why Two Budgets?

This practice ensures that the outgoing government doesn't make long-term commitments or major policy changes just before an election, allowing the incoming government to implement its financial strategies and policies. This approach is standard in India during election years to accommodate the transition between administrations.

A union budget is valid until the end of the financial year on March 31, so the government needs permission from Parliament to incur costs in the interim period between March 1 and the formation of a new government. This is why an interim budget is released.

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