Nirmala Sitharaman, India’s finance minister, is set to present the Union Budget for the fiscal year 2024-25 in the third week of July, signalling the beginning of the budget session.

What Happened: The budget session will be from 24 June to 3 July after the first parliamentary session, NDTV reported citing sources. Sitharaman assumed charge as the union minister of finance and corporate affairs on Wednesday.

Sitharaman, who is serving her second consecutive term as Finance Minister, has made history as the first woman to serve three consecutive terms in a ministerial role under the Modi government.

The forthcoming budget is anticipated to detail the economic agenda of the government for Prime Minister Narendra Modi’s third term. Sitharaman’s responsibilities encompass implementing growth strategies without sparking inflation and identifying resources to meet the coalition government’s pledges.

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Key policy priorities for the Modi 3.0 administration include tackling agricultural distress, generating jobs, maintaining capital expenditure momentum, and boosting revenue growth for fiscal consolidation. The economic agenda also aims at expediting reforms to reach a $5-trillion economy and transforming India into a ‘Viksit Bharat’ by 2047.

The Reserve Bank of India, last week, updated the real GDP growth forecast for the current fiscal year to 7.2% from 7%. The inflation forecast for the ongoing fiscal remains at 4.5%.

The first session of the Lok Sabha will be conducted on June 24 for the newly elected members to take oath.

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