The full Union Budget for Fiscal Year 2024-25 is likely to be presented during the second fortnight of July, government sources said on Wednesday. Meanwhile, the Finance Ministry will start Budget consultations with various stakeholders from June 18.
The indication for the full Budget during the second fortnight came after a post on X by Parliamentary Affairs Minister Kiren Rijiju. He said: “First Session of 18th Lok Sabha is being summoned from June 24 to July 7 for oath/affirmation of newly elected Members, Election of Speaker, President’s Address and discussion thereon.” Similarly, 264th session of the Rajya Sabha will commence on June 27 and will conclude on July 3.
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This means that the first session will not be adjourned sine die but simply adjourned and, after a break, the second part will begin post-Moharram which is on July 17. Sources indicated that the second part will begin with presentation of the Economic Survey for Fiscal Year 2023-24, followed by full Budget. The effort is to complete the budgetary exercise by August 14 as vote-on-account has been taken for April to August period.
Focus areas
While the interim Budget focused on economic achievements of the last ten years of Modi Government and vote-on-account, the full Budget is likely to include some policy announcements along with a vision for the next five years. It will also be keenly observed for fiscal deficit number. The interim Budget projected deficit at 5.1 per cent for FY25. Now, with record transfer of surplus from RBI and continued higher growth in taxes, expectation is that this number may be revised lower at least by 10-20 basis points. However, if the government continues providing more money for capital expenditure and make higher allocation for various other Central Sector Schemes, then deficit might not be lowered.
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Since there is no recess planned after presentation of full Budget, Demands for Grants along with tax proposals will not be vetted by Department-related Standing Committee. However, both Houses will discuss all the expenditure proposals except those which are charged on Consolidated Fund. Once Lok Sabha approves the Budget, then Rajya Sabha will discuss only and may suggest some changes and return the financial statement and Finance Bill to the Lok Sabha.