Budget 2024: Sitharaman to break Morarji Desai's record in budget presentation.
Explore Finance Minister Nirmala Sitharaman's upcoming seventh consecutive Union Budget presentation, surpassing Morarji Desai's record.
Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget for 2024-2025 on July 23, marking her seventh consecutive budget presentation. This milestone surpasses former Prime Minister Morarji Desai's record of six straight budgets. Earlier this year, Sitharaman set the stage with the Interim Budget on February 1, paving the way for the Full Budget that will outline the country’s financial roadmap. The Union Budget will articulate the government’s fiscal agenda, encompassing expenditures, revenue forecasts, and policy initiatives aimed at fostering economic growth and addressing key challenges.
Sitharaman, serving as India’s Finance Minister for five years, has delivered six budgets from 2019 to 2023, in addition to the Interim Budget for 2024. Prior to her tenure, the late Arun Jaitley presented five consecutive budgets from 2014-15 to 2018-19, succeeded by Piyush Goyal, who now serves as the Union Commerce and Industry Minister.
Morarji Desai, during his tenure as India’s fourth prime minister from 1977 to 1979, achieved a notable record. As finance minister from 1959 to 1964, he presented five Union Budgets and one Interim Budget. He also delivered two more Interim Budgets in 1962 and 1967. His streak of six straight budgets remained unbroken for over 50 years until Sitharaman’s Interim Budget in February.
Looking ahead to Union Budget 2024, expectations are high across various sectors. The budget is anticipated to build upon the Viksit Bharat vision, highlighting India's potential to become the world’s third-largest economy by 2027. Key expectations include policies to bolster the MSME sector, which plays a pivotal role in employment and GDP contribution. Additionally, there is optimism for tax relief measures aimed at enhancing disposable income among the common man and middle class, thus stimulating economic activity and consumption.
Furthermore, the budget is expected to address proposals such as mutual fund-linked retirement schemes with tax benefits akin to the National Pension System (NPS). These measures could significantly promote retirement-oriented savings through mutual funds.
In the realm of the private space sector, expectations include supportive measures like import duty exemptions, GST waivers for launch vehicle components, productivity-linked incentives (PLI), and government contracts. These initiatives are aimed at fostering growth and enhancing competitiveness within the sector.
Overall, Union Budget 2024 is poised to outline strategic fiscal policies crucial for India’s economic trajectory and development in the coming fiscal year.
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