Union Budget 2024: Cabinet headed by PM Modi clears full budget

Pic/PTI

The Union Cabinet headed by Prime Minister Narendra Modi on Tuesday approved the full budget for 2024-25, reported news agency PTI.

Following this, Finance Minister Nirmala Sitharaman will present her seventh budget in the Lok Sabha.

Sitharaman, the first full-time woman finance minister of the country, has presented five full budgets since July 2019 and an interim budget on February 1, 2024.

This is the first budget of the BJP-led NDA government in its third term in office.

Prime Minister Narendra Modi arrived in Parliament this morning to attend the cabinet meeting. On Monday, Prime Minister said the Economic Survey highlighted the prevailing strengths of the economy and identifies areas for further growth and progress as the government "moves towards building a Viksit Bharat", reported ANI.

Union Ministers Amit Shah, Rajnath Singh and Pralhad Joshi were also seen arriving in the Parliament earlier for the Cabinet meeting today.

At 11 am, Finance Minister Nirmala Sitharaman will present the Union Budget 2024. Earlier today, Sitharaman met with President Droupadi Murmu before leaving for Parliament. This would mark Sitharaman's seventh consecutive budget and eclipses the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India.

Addressing the media, Minister of State for Finance Pankaj Chaudhary earlier said that the first Union Budget of the third Modi government will be based on his mantra of "Sabka Saath Sabka Vikas", reported ANI.

Union Minister Pralhad Joshi said that this budget would accelerate the country's economic growth.

"The economic growth that happened under the leadership of Prime Minister Narendra Modi, this budget and this Union Budget 2024 will further accelerate it. The budget that will be presented today by Nirmala ji will also help our country, which is the fastest-growing economy," Pralhad Joshi said while speaking to the media on the Parliament premises on Tuesday, reported ANI.

The budget session of Parliament began on July 22 and, according to schedule, will end on August 12. On Monday, the economic survey presented in Parliament by finance minister Sithraman stated that in the medium term, the Indian economy can grow at a rate of 7 per cent. The economic survey stated, "In the medium term, the Indian economy can grow at a rate of 7 per cent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments and the private sector," reported ANI.

"The survey further added that India faces a unique blend of opportunities and challenges amid global trends such as geo-economic fragmentation, a push for self-reliance, looming climate change, the rise of technology, and limited policy space," the economic survey said, reported ANI.

(With inputs from PTI and ANI)