Union Budget 2024 date and time; Check answers to budget related questions and common FAQs here (2024)

Facing continued global uncertainties, potential economic slowdown in the U.S., Europe and elsewhere, and ongoing conflicts in Russia-Ukraine and Israel-Palestine, Gaza, Finance Minister Nirmala Sitharaman is preparing to present the Modi government's budget on July 23, 2024. The challenge lies in finding a balance between bold initiatives and fiscal prudence, as the Modi government is handed the mandate for the third consecutive term.

Read More: Budget 2024 Live Updates

Recently, leaders from India's corporate sector advocated for reducing the income tax burden on individuals, increasing capital expenditure, and implementing measures to control food inflation during their nearly two-hour meeting with Finance Minister Nirmala Sitharaman ahead of the Union Budget.

Budget 2024 Date

In their pre-Budget discussions with Sitharaman, industry representatives emphasized the need for heightened focus on infrastructure development to sustain economic growth. They also highlighted the importance of bolstering the MSME (micro, small, and medium enterprises) sector, which is crucial for the Indian economy and a key source of employment.

Also Read: Union Budget 2024: Key points and key facts that you should know in simple terms

Here are answers to some frequently asked questions related to Budget 2024

1. When will FM Nirmala Sitharaman present the interim Budget 2024?
   Finance Minister Nirmala Sitharaman will likely present the Budget 2024-2025 in Parliament in late July 2024. Dates and timings have not been made public yet.
2. When will the Budget Session of Parliament start and end?
   The first session of the 18th Lok Sabha is set to conclude on July 3 for oath/affirmation of newly elected members.
3. When will President Droupadi Murmu address both the Houses on Budget Session?
   President Droupadi Murmu will address a joint sitting of the Lok Sabha and the Rajya Sabha on June 27.
4. What is the Economic Survey?
   The Economic Survey provides an annual overview of the country's economic progress, highlighting significant challenges and suggesting potential solutions. This year’s survey is being prepared under the guidance of Chief Economic Adviser, Dr. V. Anantha Nageswaran.
5. What is the difference between Interim Budget and Full Budget ?
   An interim budget is a temporary financial blueprint designed to cover expenditures for a short period, usually until a new government takes office. Since the fiscal year ended on March 31 and a new government transitioned in early June, the interim budget bridged the gap, ensuring financial operations continued smoothly during this transition. Now that the new government is in place, a comprehensive budget for the remainder of the fiscal year will be introduced in July.
6. What is fiscal deficit?
   A "fiscal deficit" represents the gap between a government's total revenue and its total expenditure within a financial year. This deficit highlights how much the government's spending surpasses its earnings. It's important to note that when calculating total revenue, borrowings are excluded.

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