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Nirmala Sitharaman, the current Finance Minister of India, is set to make history by presenting her seventh consecutive Union Budget on July 22nd, 2024, as the Monsoon Session of Parliament begins. This achievement surpasses the record previously held by Morarji Desai, who presented six consecutive budgets during his tenure as Finance Minister from 1959 to 1964. The upcoming Budget, presented in a paperless format, follows an Interim Union Budget for 2024 that was delivered on February 1st, ahead of the general elections.
The Finance Ministry has engaged in extensive consultations with various economic stakeholders, including representatives from trade unions, education and health sectors, MSMEs, economists, and more, in preparation for the budget. These meetings, held since June 20th, aimed to gather valuable input on key budgetary concerns and priorities. Economists have emphasized the need for increased capital expenditure and reduction of the fiscal deficit, while industry representatives from the Confederation of Indian Industry (CII) have advocated for greater investment in infrastructure and capital expenditure. The Ministry officials confirmed that these discussions addressed critical issues such as promoting economic growth, generating employment opportunities, and managing the fiscal deficit effectively.
Beyond economic concerns, the upcoming budget is also expected to address crucial sectors like agriculture and employment. Farmer associations have urged the Finance Minister to increase budgetary allocations for the agricultural sector, emphasizing its importance in the Indian economy. Representatives from the skilling and employment sectors have proposed strategies for enhancing the utilization of youth workforce, addressing concerns regarding employment opportunities and skill development. The Monsoon Session of Parliament, extending until August 12th, will see the introduction of six bills, including the Aircraft Act, which aims to streamline regulations in the civil aviation sector to benefit industry players. Other notable bills include the Finance Bill, the disaster management law, the Bhartiya Vayuyan Vidheyak 2024, the Boilers Bill, and the Coffee (Promotion and Development) Bill, and the Rubber (Promotion and Development) Bill.
Source: Nirmala Sitharaman set to make history with seventh consecutive Union Budget