The full Budget for 2024-25 may be presented on July 24 in the Monsoon Session of the Parliament, while the Economic Survey may be tabled on July 23, sources said.
While the final decision on the dates will be announced soon, sources said the normal practice is that two sessions of Parliament have at least a 15-day gap between them. The Inaugural session of the 18th Lok Sabha concluded on Tuesday. While the next session could begin on July 18 (Thursday) going by the 15-day norm, sources said the session may begin only on July 22 (Monday) this time around.
President Droupadi Murmu in her address to the joint session of Parliament on Thursday said the first budget of the Narendra Modi 3.0 government will unveil far-reaching economic and social reforms for rapid development with the poor, youth, women and farmers at the core of policymaking,
Along with major economic and social decisions, many historic steps will also be seen in this budget to make India a developed nation, Murmu said.
The expenditure size of Rs 47.65 trillion presented in the interim budget in February for FY25 might also see changes depending on the new ideas included by the government, key ratios such as the fiscal deficit are unlikely to vary much.
The dividend of Rs 2.11 trillion from the RBI as against the budget estimate of Rs 80,000-90,000 crore, has given an extra fiscal space of 0.4% of GDP to the Centre.
Besides some new incentives, the government would also improve upon ongoing schemes by tweaking them to add more beneficiaries or increase the benefit for a certain class of people. So, the government may enhance the financial assistance for PM Awas Yojana-Gramin beneficiaries from Rs 1.3 lakh/unit to Rs 2.4 lakh. Similarly, with the PMAY-Urban scheme ending in March this year, the Centre may unveil a new Rs 60,000 crore interest subsidy scheme for the urban poor and middle class for five years.
The fiscal deficit target, which is projected to be 5.1% in the FY25 interim Budget presented on February 1, may be retained around 5%.
