The Budget Session of Parliament is set to kick off on July 22 and will run until August 12, according to the announcement made by Union Parliamentary Affairs Minister Kiren Rijiju. The main highlight of the session will be the presentation of the Union Budget on July 23 by Union Finance Minister Nirmala Sitharaman. This budget will mark the first fiscal plan under the government led by Prime Minister Narendra Modi during its third term in office. The expectations for this budget are high, especially after President Droupadi Murmu’s statement hinting at significant social and economic decisions.
In the previous year, the Budget Session had started on January 31 and concluded on April 6, comprising of 25 sittings. However, this year’s session is expected to be more crucial as it will be the first full budget presented after the 2024 Lok Sabha elections. The session will also witness the introduction of the Economic Survey on July 22, followed by the General Budget presentation on July 23.
Stakeholders across various sectors are eagerly anticipating the upcoming Budget Session as it will provide insights into the government’s financial and economic policies. From tax structures to healthcare provisions, there are many aspects to look out for in this budget. Investors and experts have expressed their expectations for the budget, with a focus on rationalizing income tax slabs, simplifying tax structures, and possibly introducing measures to consolidate the tax system.
Gaurav Goel, an SEBI registered Investment Advisor, emphasized the need for a revised tax regime to incentivize taxpayers, while Sandeep Agrawal, co-founder and director of Teamlease RegTech, highlighted the potential for the government to streamline the tax system to align with the reforms introduced by GST in the indirect taxation domain. As the countdown begins for the commencement of the Parliament session and the unveiling of the Union Budget, all eyes are on the historic steps that will shape India’s economic trajectory in the coming fiscal year.
