Finance Minister Nirmala Sitharaman is scheduled to present her seventh consecutive Union Budget for the fiscal year 2024-25 on July 23, setting a new record in India’s financial history.

What Happened: Union Minister Kiren Rijiju declared on Saturday that the comprehensive budget for the fiscal year 2024-25 will be unveiled on July 23. The Parliament session is set to kick off a day prior, on July 22, and is expected to wrap up on August 12.

The President of India, acting on the recommendation of the Government of India, has given the green light for the summoning of both Houses of Parliament for the Budget Session, 2024 from July 22 to August 12. The budget will be tabled in the Lok Sabha on July 23.

This budget will be the first one to be presented during Narendra Modi‘s third term as prime minister and the first under his leadership where the BJP does not have a majority on its own. The budget comes with high expectations, with President Droupadi Murmu hinting at “many historic steps” and a boost in the pace of reforms.

Among the anticipated changes is a potential revamp in the income tax structure that could leave more disposable income in the hands of the middle and salaried classes.

This budget is of particular significance as it marks Sitharaman’s seventh consecutive presentation, a first in India’s history. It also comes at a time when the BJP does not hold a majority on its own, adding to the complexity of the budget formulation process.

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