The National Democratic Alliance (NDA) government is likely to present the full budget for the financial year 2024-25 in the second fortnight of July. Sources said that consultation work for the budget with various ministries and parties may begin next week. The Economic Review of 2023-24 will be presented before the Budget.
Parliamentary Affairs Minister Kiren Rijiju today wrote on social media platform X that the first session of the 18th Lok Sabha will begin from June 24 and will continue till July 3. In it, the newly elected members will be sworn in and the Speaker of the Lok Sabha will be elected. After this, the President will address the joint session of Lok Sabha and Rajya Sabha and there will be a discussion on it.
He wrote, ‘The 264th session of the Rajya Sabha will begin on June 27 and will continue till July 3.’ The government has set a target of bringing the fiscal deficit below 4.5 percent of gross domestic product (GDP) by 2025-26. This is estimated to be equivalent to 5.1 percent of GDP in FY 2024-25.
The budget will also reveal how the government will use the huge dividend of Rs 2.11 lakh crore received from the Reserve Bank of India. With this, the government is expected to get relief on the financial front and it will also get more convenience in managing the expenditure.
S&P Global Ratings has said that it may upgrade India’s rating in the next two years if the government’s policies remain consistent. But for this it is necessary for the government to step up economic reforms, invest more in infrastructure and be cautious in its policies on the fiscal and monetary front.
