Union Budget 2024-25: Expectations, Dates & more

Expectation from the budget

As debate around the minimum support price (MSP) for crops rises again, it may be time for the government to consider updating the current system, and to look at the future potential for alternative approaches to sustainable agriculture in the country, as the 2024 budget comes into effect. Steps suggested in the budget for this include the Medical Device Platform, which attempts to internally enhance technology, in order to rely less on imports.

Chief Minister in Tamil Nadu has requested funds for Chennai Metro Link and also made the state’s wish list for the Union funds.
As Chennai is the ninth-largest city in India, with a goals to finish the project by 2018, the state chief Minister of Tamil Nadu, MK Stalin sent a proposed list of new rail and roads projects necessary to be included in the Union Budget 2024–25, which is planned to be presented to parliament on Tuesday.

Stakeholders have argued that farmers installing sustainable forest practices and communities need support. Currently, one of Budget's goals in relation to PLI in agrochemicals is to reduce the GST on agricultural inputs. Stakeholders are interested in if the finance minister would make any announcements, or change any taxes or rates to promote the sector, given the importance of the farm sector for agriculture and farm income as also the state of the economy. But perhaps there may be a bit more detail in the Finance Minister's farm speech this year. In a list of speculated Budget announcements and Budget reactions came from prominent agriculture sector figures, reported by Businessline.

PM Modi briefly talks about Budget 2024-25.

Prime Minister Narendra Modi stated on Monday that the maiden Union Budget of the NDA government's third term will establish the framework for "Viksit Bharat" and set the stage for converting pledges.

Modi spoke, “I have been giving guarantees to the people of the country and our mission is to bring this to the ground. This budget is important budget for Amrit Kaal. Today’s budget will decide the direction for the next 5 years of our term. This budget will also become a strong foundation of our dream of ‘Viksit Bharat’. It is a matter of pride that after 60 years, a government has come to power for the third time and will present the first Budget for the third time."

He also said, “I would like to request all the MPs of the country that from January till now we have fought as much as we had to, but now that period is over, the public has given its verdict. I would like to ask all the parties to rise above party lines and dedicate themselves to the country and use this dignified platform of Parliament for the next 4.5 years. In the election year of January 2029, you can play any game, but till then we should participate for the empowerment of the farmers, youth and the country".

The session is planned to last until August 12. Aside from the Finance Bill, the administration has proposed five more legislation for introduction, deliberation, and passage. These include bills to recreate two British-era laws, the Aircraft Act and the Boiler Act.

Updated on:

July 23, 2024