FM Sitharaman to Present Historic Seventh Consecutive Union Budget in Paperless Format
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FM Sitharaman to Present Historic Seventh Consecutive
Union Budget in Paperless Format
Union Finance Minister Nirmala Sitharaman is set to make history by presenting her seventh consecutive Union Budget during the Monsoon Session of Parliament, starting July 22. This milestone will establish her as the first Finance Minister to present seven consecutive budgets, breaking the record of Morarji Desai, who presented six budgets from 1959 to 1964.
Paperless Budget Presentation
Continuing the trend of the past few years, Budget 2024 will be delivered in a paperless format. This move not only signifies a step towards modernization and digital governance but also aligns with environmental sustainability efforts.
Stakeholder Consultations
In preparation for the budget, the Finance Ministry has engaged in extensive consultations with various stakeholders across the economy. These deliberations, which began on June 20, included representatives from trade unions, the education and health sectors, employment and skilling, MSMEs, trade and services, industry, economists, the financial sector, capital markets, infrastructure, energy, and urban sectors.
Key Issues Discussed
- Economists: Focus on boosting capital expenditure and reducing the fiscal deficit.
- CII: Recommendation to increase capital expenditure.
- Farmer Associations: Urged for enhanced budgetary allocation for the agriculture sector.
- Skilling and Employment Sectors: Suggested ways to better skill the youth for optimal workforce utilization.
Upcoming Monsoon Session
The Monsoon Session, featuring 19 sittings until August 12, will see the presentation of six significant bills, including the Aircraft Act and the budget for Jammu and Kashmir. The government will also present the Finance Bill following the budget announcement on July 23. Other notable bills include the disaster management law, the Bhartiya Vayuyan Vidheyak 2024, the Boilers Bill, the Coffee (Promotion and Development) Bill, and the Rubber (Promotion and Development) Bill.
Bhartiya Vayuyan Vidheyak 2024
This bill aims to replace the Aircraft Act of 1934, streamlining regulations in the civil aviation sector and benefiting industry players.
Interim Budget and Full Budget Transition
The interim budget, presented on February 1, addressed the financial needs until the formation of a new government post the Lok Sabha elections. The full budget, set to be presented in July, will outline the new government's financial plans.
Digital Accessibility
The Union Budget documents will be available on the "Union Budget Mobile App," ensuring hassle-free access for Members of Parliament (MPs) and the public. The app, which is bilingual (English and Hindi), is available on both Android and iOS platforms.
Conclusion
As Nirmala Sitharaman prepares to present her seventh consecutive Union Budget, her tenure marks a significant period in India's financial history, characterized by a shift towards digitalization and extensive stakeholder engagement. The upcoming Monsoon Session promises to be eventful, with several key legislative measures set to be discussed.
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