Budget 2024 date live updates : FM Nirmala Sitharaman likely to table Union Budget on July 23 or 24

NEW DELHI : Budget 2024 Live Updates: With the PM Narendra Modi-led NDA Government sworn in, and after the 53rd GST Council already having announced several recommendations post its meeting on June 22, Finance Minster Smt Nirmala Sitharaman is expected to table the Union Budget for FY25 on July 23 or 24, sources told. The Budget will be presented with the commencement of the Monsoon Session of the Parliament. The Monsoon Session is set to begin on July 22, per sources. The session is likely to continue until August 9. The first session of the 18th Lok Sabha, which commenced today, will go on till July 4 and will close sine die as this is a special session.

Earlier on June 22, the 53rd GST Council meeting, chaired by the Finance Minister, deliberated on various proposals to streamline GST applicability across goods and services, and several recommendations were made to refine tax rates and service exemptions under the GST regime. FM Sitharaman emphasized the Centre’s support to states with timely tax devolution and GST compensation arrears to boost growth. She also highlighted the government’s support through timely tax devolution, Finance Commission grants, and GST compensation arrears to stimulate growth, according to an official statement.

Interim Budget 2024’s key allocations:

Infrastructure investment 

The government has earmarked Rs 11.11 trillion for the infrastructure sector in FY25, amounting to 3.4 per cent of the GDP.

Railway corridors 

Under the PM Gati Shakti initiative, three crucial economic railway corridors have been identified to boost logistics efficiency and slash costs:

– Energy, mineral, and cement corridors

– Port connectivity corridors

– High-traffic density corridors

Railway upgrades 

A sweeping modernisation move sees 40,000 standard rail bogies upgraded to the advanced Vande Bharat standard, promising enhanced comfort and efficiency for train travellers.

Aviation expansion 

India’s air network sees a remarkable expansion, doubling the number of airports to 149. This growth aims to bolster regional connectivity, complemented by 517 new routes catering to 13 million passengers. The Indian aviation sector is also set to soar with orders for over 1,000 new aircraft by domestic carriers.

Economic outlook 

Sitharaman highlighted the transformative impact of these initiatives on India’s economic landscape, noting a 50 per cent increase in average real income and controlled inflation. She also emphasised the effective implementation of programs and mega projects, empowering citizens to chase their dreams.

“People are becoming more empowered, equipped, and enabled to pursue their aspirations. Our focus remains on delivering programs and projects effectively and promptly,” Sitharaman had said, reflecting on India’s economic trajectory.

What next after the Interim Budget? 

The Interim Budget lays a robust foundation for the forthcoming Union Budget, aligning with post-election aspirations. The government’s strategic emphasis on infrastructure and economic expansion aims to resonate with voters, promising a future of sustained growth and prosperity for India.