Govt Expected To Announce Union Budget For FY25 On July 22: Report

In the previous February interim budget, the government prioritised economic policies aimed at nurturing growth, fostering inclusive development, enhancing productivity, and fostering opportunities

Union Finance Minister Nirmala Sitharaman

Source : PTI

The Union Budget for the fiscal year 2024-25 is reportedly likely to be on July 22. This forthcoming budgetary presentation holds significance as it will signify the inaugural full-fledged Budget presentation under Prime Minister Narendra Modi’s third administration, entering a new phase of fiscal policy for the current government term.

An Economic Times report, citing familiar sources, stated that the government is planning to reveal the budget for fiscal year 2024-25 on July 22.

Union Finance Minister Nirmala Sitharaman's preceding Budget presentation in February this year was a vote on account necessitated by the Lok Sabha elections conducted between April and May 2024. The upcoming presentation will mark Sitharaman's seventh consecutive budgetary address.

Prime Minister Modi's government's primary policy objectives are set to revolve around tackling the challenges prevalent in the agriculture sector, facilitating job creation, sustaining the pace of capital expenditure, and enhancing revenue growth to align with the fiscal consolidation trajectory. Moreover, streamlining the Goods and Services Tax (GST) framework and alleviating the burden of tax compliance are expected to prominently feature on the government's agenda.

The forthcoming Budget is poised to incorporate elements derived from the 100-day plan, which Prime Minister Modi directed his team to formulate. Moreover, the government intends to broaden the scope of its production-linked incentive (PLI) schemes to encompass additional sectors known for their substantial employment generation, with a particular focus on industries like the leather sector.

In the previous February interim budget, the government prioritised economic policies aimed at nurturing growth, fostering inclusive development, enhancing productivity, and fostering opportunities across diverse segments. It emphasised a dedicated focus on the eastern region, encompassing states such as Bihar, Jharkhand, Chhattisgarh, Odisha, and West Bengal, with the aim of transforming them into growth catalysts as part of India's aspiration to achieve developed nation status by 2047.