Budget 2024 preparations begin; when will Finance Minister Nirmala Sitharaman present it?

Soon after assuming charge, Finance Minister Nirmala Sitharaman ordered the officials to initiate the process for making of upcoming Union Budget, which will lay the roadmap of Modi 3.0. The first major document after formation of new government at the Centre is likely to be tabled in Parliament by the third week of July, reported news agency ANI.

The key policy priorities for PM Modi's government would include dealing with stress in the agriculture sector, job creation, sustaining capex momentum and pushing revenue growth to stay on the fiscal consolidation path. Rationalising GST is expected to be high on the agenda, as will be easing tax compliances, ET reported.

Recently, India registered GDP at 7.8 per cent on an annual basis in FY24 while pegging the overall growth rate of FY24 to be 8.2 per cent. The Centre would also shift its focus on strengthening the domestic economy in the wake of the risks posed by geopolitical factors.


The upcoming Budget is expected to incorporate elements of the 100-day plan that PM Narendra Modi had asked his team of officers to prepare, reported ET quoting its sources. Additionally, the government is also expected to expand its production-linked incentive (PLI) schemes - to include more sectors that are large job creators, such as leather.

The last budget present by Sitharaman was a vote on account due to the Lok Sabha polls scheduled from April to May.

As BJP failed to win majority, ratings agencies have pointed to worries regarding reforms and fiscal metrics. Recently, Moody's Ratings suggested that a coalition government might delay economic and fiscal reforms, which could impede progress on fiscal consolidation.

In the 18th Lok Sabha polls, BJP won 240 seats, well below the 272 needed for a majority. Together, the parties in the NDA coalition secured 293 seats in the 543-member lower house of parliament.

(with agency inputs)