New Delhi: Nirmala Sitharaman Arrives at Ministry of Finance to Present Her Seventh Budget

NEW DELHI: Finance Minister Nirmala Sitharaman will present her seventh Union Budget at 11 am today, July 23, during the Budget Session of Parliament.

Sitharaman has arrived at the Finance Ministry's North Block building ahead of her Union Budget speech today. Taxpayers and corporate watchers are eagerly expecting some relief in income tax, a cut in corporate tax, and incentives to boost the economy.

The 2024-25 Union Budget is expected to focus on revising the income tax structure to benefit all taxpayers and improving the ease of doing business in India.

Nirmala Sitharaman will make history as the first finance minister to present seven consecutive Budget speeches, surpassing former Prime Minister Morarji Desai's record of six consecutive budgets from 1959 to 1964.

This is also the first full financial budget of the Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government in its third consecutive term.

Experts anticipate measures to improve farmers' income and livelihoods, including funds allocated for rural infrastructure such as irrigation, roads, and warehouses to enhance agricultural productivity and connectivity. Additionally, there is expected to be support for agri-tech initiatives, including startups and modern farming techniques, aimed at increasing farmers' income and yields.

Experts predict a strong focus on the defense sector in the Union Budget 2024, which the Finance Minister will announce today. They believe this will align with the government's 'Aatmanirbhar Bharat' initiative, emphasizing indigenous production and reducing reliance on imports.

On the eve of the Budget 2024 presentation, Prime Minister Narendra Modi expressed pride that, after 60 years, a government had come to power for the third time and would present its first Budget for the third time. He mentioned giving guarantees to the people of the country, stating that their mission was to fulfill these promises.

Modi emphasized the importance of this Budget for "Amrit Kaal," noting that it would set the direction for the next five years of their term and serve as a strong foundation for their vision of a developed India, or "Viksit Bharat."

The Budget is an annual financial statement from the central government that outlines proposed expenditures and revenues for the upcoming fiscal year (FY25), which runs from April 1, 2024, to March 31, 2025. It reviews the government's achievements from the past year and sets goals and allocations for the next year, aiming to meet policy and planning requirements.

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