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On July 22, Finance Minister Nirmala Sitharaman is expected to table the Union Budget for 2024-25 in Parliament, making her the first Finance Minister to deliver seven consecutive Union Budgets. This milestone surpasses the record previously held by Morarji Desai, who presented six consecutive budgets around six decades ago. Since assuming office as the first full-time woman Finance Minister in July 2019, Sitharaman has already presented five complete budgets and one interim budget earlier this year.
The upcoming budget, set to be presented during the monsoon session of Parliament starting on July 22, has garnered significant anticipation following the reinstatement of Prime Minister Narendra Modi’s cabinet for the third consecutive term, with Nirmala Sitharaman resuming her role as Finance Minister. The budget is expected to shed light on the government’s economic reform strategies and fiscal objectives for the next five years.
Despite the recent election losses, Fitch Ratings projects stable policies in the upcoming budget, offering insights into India’s growth trajectory. For the fiscal year ending in March 2024, the country’s real GDP growth touched 8.2%, with a forecasted growth of 7% for FY25. Fitch anticipates medium-term growth to stabilize around 6.2% through FY28.
As the Parliament session progresses, the exact date and time of the budget presentation will be announced. Sitharaman’s consecutive budget presentations since 2019, including the interim budget earlier this year, solidify her position as the first Finance Minister to deliver seven consecutive budgets. This historic moment in the country’s economic history showcases Sitharaman’s leadership and the government’s focus on economic stability and growth.
