New Delhi: In a significant announcement that puts to rest months of speculation, Lok Sabha Speaker Om Birla has confirmed that the Union Budget for 2024-25 will indeed be presented on February 1. This traditional date, a hallmark of Indian fiscal policy since 2017, signals the government’s commitment to continuity amid evolving economic challenges.
Birla made the revelation during a press interaction at Parliament House, addressing queries on the legislative calendar. ‘The budget will be tabled on February 1 as per established convention,’ he stated firmly, quashing rumors of a potential shift due to upcoming elections or other factors.
The decision comes at a pivotal time for India’s economy. With GDP growth projected at 7% for the fiscal year, Finance Minister Nirmala Sitharaman is expected to unveil measures focusing on infrastructure, manufacturing, and social welfare. Analysts anticipate bold reforms to boost consumption and investment in a post-pandemic recovery phase.
Historically, February 1 has been the budget date to allow adequate time for parliamentary scrutiny before the fiscal year ends on March 31. This year’s presentation will be keenly watched for announcements on tax slabs, capital expenditure, and sectoral allocations.
Market reactions were swift, with benchmark indices showing marginal gains as investors welcomed the clarity. ‘This affirmation removes uncertainty, paving the way for focused policy discussions,’ said an economist with a leading brokerage firm.
As preparations intensify in North Block, all eyes are on the fine print of what could be a transformative budget. Birla’s confirmation underscores the robustness of India’s democratic processes, ensuring fiscal matters remain on track despite political buzz.