Budget 2024: FM Nirmala Sitharaman Likely To Present Full Union Budget In July Amid High Market Expectations As BJP-Led NDA Begins 3rd Term

As the BJP-led NDA government has taken charge, after winning the Lok Sabha Election 2024, and Nirmala Sitharaman assumed charge of the Finance Ministry for the second consecutive term on Wednesday, June 12, now all eyes are on the Budget 2024.

After the volatility in the share market amid the exit polls and the Lok Sabha election results 2024, the presentation of the full year Union Budget is highly anticipated event and for the markets.

Timing of the Parliamentary Session

Parliamentary Affairs Minister Kiren Rijiju, today, on the the social media platform X, formerly Twitter announced that the first session of the 18th Lok Sabha will start on June 24 and will end on July 3.

"First Session of 18th Lok Sabha is being summoned from 24.6.24 to 3.7.24 for oath/affirmation of newly elected Members, Election of Speaker, President’s Address and discussion thereon. 264th Session of Rajya Sabha will commence on 27.6.24 and conclude on 3.7.24," he wrote in his X post.

The X post also added that the session will involve the oath taking ceremony of the newly elected MPs, the election of the Speaker, and the President’s address to a joint sitting of the Lok Sabha and Rajya Sabha.

Interim Budget and Full Budget

Interim Budget: Nirmala Sitharaman, earlier this year, on February 1, presented interim budget in the Modi 2.0 government which laid out temporary financial measures to keep the government running until the new administration took office after the Lok Sabha election 2024.

The Interim budget included the only the necessary expenditures and allocation and avoids major policy announcement due to reasons such as an upcoming election or a change in government.

Full Budget: The newly elected BJP led NDA government or Modi 3.0 will present the full budget for the financial year in July next month.

This time, it is a full budget, and will be presented in the parliament by the Finance Minister and will contain detain about the government’s economic policies, expenditures, and revenue plans for the entire fiscal year.

Session Structure and Budget Presentation

According to various reports, this time the parliamentary session may split into two parts.

The first part may be running from June 24 to July 3, 2024 and will likely focus on the oath taking ceremony and so on. While the second part of the session may begin on July 22 and continue until August 9, during which the Union Budget by the Modi 3.0 will be presented.

Finance Minister Nirmala Sitharaman is expected to present the budget during the third week of July, added reports.

As the nation awaits for the Union Budget 2024, various reports suggests that the Modi 3.0 government’s key economic priorities might include addressing the agricultural sector's stress, job creation, sustaining capital expenditure momentum, and pushing for revenue growth while staying on the fiscal consolidation path in this upcoming budget.

As the BJP led NDA government settles into its third term, the upcoming Union Budget 2024 is poised to outline its economic vision and policy directions for the future.

Finance Minister Nirmala Sitharaman’s presentation of the budget in July will be closely watched event for key policy announcements and will also be a major event to the stock market reaction as well as for investors.