Budget Session 2024 To Begin On This Date, President Murmu May Address Joint Sitting Of Two Houses: Reports

Finance Minister Nirmala Sitharaman is all set to present the Interim Budget on February 1, 2024 and according to reports, the Budget Session 2024 will begin on January 31, 2024.

Written by: Ananya Srivastava

Published: January 11, 2024, 2:37 PM IST

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https://www.india.com/business/budget-session-2024-january-31-president-murmu-may-address-joint-sitting-of-lok-sabha-rajya-sabha-interim-budget-on-feb-1-by-nirmala-sitharaman-6648200/ Copy

New Parliament Building

New Delhi: January is an extremely important month for India as the nation is gearing up for the inauguration, the Consecration Ceremony of the Ram Mandir in Ayodhya. January is also a crucial month in terms of the Interim Budget which is expected to be presented by FM Nirmala Sitharaman on February 1, 2024. According to latest reports, the Parliament Budget Session 2024 will begin on January 31, 2024 and President Droupadi Murmu will be addressing the join sitting of both the Houses of Parliament. Read to know details about the upcoming Interim Budget and the important dates regarding the Parliament Budget Session, 2024.

Budget Session 2024 From Jan 31, President To Address Both Houses

As mentioned earlier, according to various news reports, the Parliament Budget Session 2024 will begin on January 31, 2024. The session is expected to commence with the address of President Droupadi Murmu, who will address both the Houses of Parliament in a joint session. The joint address of the President may be about the government’s achievements in the past year and the policy priorities of the Centre.

Finance Minister Nirmala Sitharaman To Present Budget On Feb 1

The Budget Session 2024 may begin on January 31 and the Interim Budget will be presented by Finance Minister Nirmala Sitharaman on February 1, 2024. The budget will be a ‘paperless’ budget and will be the first ever interim budget to be a digital one. The Interim Budget of 2024 will be the sixth consecutive budget which will be presented by Nirmala Sitharaman; the documents with respect to the Interim Budget, containing details of expenditure for the first few months of the new financial year, will be available online on the website – https://www.indiabudget.gov.in.

How Is Union Budget Prepared?

• The preparation of the budget document starts 6 months prior to it being presented in the Parliament. Deliberations on the budget commence in August-September of the previous year.
• Concerned ministries prepare estimates in extensive consultations with the NITI Aayog and the approved data is then sent to the Union Finance Ministry.
• Upon receiving the estimates from various ministries, the finance ministry allocates revenues to the concerned departments. Disputes over allocation of funds, if any, are sent to the Prime Minister or the Union Cabinet for resolution.
• The budget is presented in the Lower House of the Parliament on February and must gain parliamentary approval before the end of the current fiscal year which ends on April 1.
• A ‘halwa’ ceremony is held before the budget is tabled in the House and ‘lock-in’ procedure is initiated for the ministry staff in order to prevent leaks. The lock-in lasts until the budget is presented in the Lok Sabha.