Modi 3.0 Set To Table Its First Budget, Here's The Process That Goes Behind It

This Tuesday, the much-awaited full budget for 2024-25 and the first under the Modi 3.0 government will be tabled in Parliament.

This Tuesday, the much-awaited full budget for 2024 25 and the first under the Modi 3.0 government will be tabled in Parliament. All eyes will be on the major announcements made by the finance minister and the government’s forward-looking guidance about the overall economy. With this upcoming budget presentation, Finance Minister Nirmala Sitharaman will surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as finance minister. Sitharaman’s upcoming budget speech will be her seventh. Sitharaman has surpassed Manmohan Singh, Arun Jaitley, P. Chidambaram, and Yashwant Sinha, who each presented five budgets. The budget session of Parliament will begin on July 22 and, according to schedule, will end on August 12. Putting aside the details of the upcoming budget, let us review the budget-making process and sequence of events typically followed. The Ministry of Finance typically issues circulars to all ministries, Union territories, States, and autonomous entities to send their demands and recommendations for the Union budget around SeptemberOctober, with budgets typically tabled on February 1. Subsequently, ministries and departments submit their budget estimates, outlining their expenditure requirements and revenue projections for the upcoming financial year. The finance ministry and the finance minister arrange pre-budget meetings with various stakeholders to get their views and demands for the budget.