Union Budget 2024-25: Key dates, deficits, spend

Interim Budget 2024-25: what was presented on February 1

Finance Minister Nirmala Sitharaman presented the Interim Budget for 2024-25 on February 1, 2024. The interim budget was positioned as a vote-on-account to fund government operations for part of the year until a full budget is passed after the general elections. It also marked Sitharaman’s sixth budget presentation as Finance Minister, delivered in a paperless format like the previous three full Union Budgets. The interim budget set out broad fiscal numbers for 2024-25 starting April 1, 2024 and ending March 31, 2025. The government described the approach as continuity of existing policies, with a focus on inclusive growth and prosperity. Budget documents were made available through official links on indiabudget.gov.in, including the budget speech PDF.

Union Budget 2024-25: July 23 date and Parliament session

The full Union Budget for 2024-25 is scheduled to be presented on July 23, 2024. The presentation is set for 11:00 AM IST, as announced by Parliamentary Affairs Minister Kiren Rijiju on X. President Droupadi Murmu approved a proposal to convene both Houses of Parliament from July 22 to August 12, aligning with the Monsoon Session dates mentioned in the material. This budget is described as the first annual budget under the Modi 3.0 Cabinet after the government’s re-election for a third term. The theme referenced for the year is “Viksit Bharat Budget 2024”, with the stated vision of a developed India by 2047.

The spending number in focus: total expenditure

Total expenditure for 2024-25 is expected to be Rs 47,65,768 crore. The material states this is about 6% higher than the revised estimate of 2023-24, and elsewhere specifies an increase of 6.1% over the revised estimate. While the interim budget is meant to be transitional, this expenditure estimate provides an early map of the government’s planned outlay for the fiscal year. Markets and taxpayers often track this number because it shapes borrowing needs, capex priorities, and the broader fiscal stance.

Growth assumption: nominal GDP at 10.5%

The government estimated nominal GDP growth at 10.5% for 2024-25. Nominal GDP includes real growth plus inflation, and it is a key anchor for fiscal ratios such as the fiscal deficit and revenue deficit. The expectations section also referenced India’s economic growth at 8.2% in 2023-24, alongside concerns about sluggish consumer demand. Together, these figures frame why the upcoming full budget is expected to balance growth priorities with stability.

Deficit targets: revenue deficit and fiscal deficit

For 2024-25, the revenue deficit is targeted at 2% of GDP. The material compares this with the revised estimate for 2023-24 at 2.8% of GDP, and also cites a revised figure of 2.9% in another line, while noting 2.9% was budgeted for 2023-24. The fiscal deficit target for 2024-25 is 5.1% of GDP. The revised estimate for 2023-24 is mentioned as 5.8% in one place and 5.9% in another, indicating slightly different references within the same compilation. The interim budget also reiterated a stated path to bring the fiscal deficit below 4.5% by 2025-26.

Borrowing and receipts: what the interim budget speech highlighted

In the speech transcript excerpt, tax receipts are estimated at Rs 26.2 lakh crore, which is Rs 26,20,000 crore. The same excerpt mentions gross and net market borrowings through dated securities for 2024-25 at Rs 14.13 lakh crore (Rs 14,13,000 crore) and Rs 11.75 lakh crore (Rs 11,75,000 crore), respectively. It also states that the scheme of 50-year interest-free loans for capital expenditure to states will be continued. These numbers are closely watched by bond markets because they link directly to the government’s funding plan.

What to expect: consumption, jobs, farm exports, and tax changes

The expectations list points to a policy focus on growth and stability, with a particular emphasis on boosting consumption. The Confederation of Indian Industry (CII) suggested tax cuts for lower income brackets to raise disposable income and support demand. It also proposed higher wages under rural job schemes and increased cash handouts to farmers to support rural spending. Experts and farm bodies advocated lifting export restrictions on agricultural products such as rice, wheat, sugar, and onions, arguing that restrictions aimed at price control have impacted rural incomes. On jobs, CII proposed incentive schemes for private firms creating employment in sectors such as textiles and tourism, while labour unions advocated filling government vacancies and reinstating pension benefits.

Sector asks and taxpayer watchpoints

The salaried class is expecting tax relief, potentially via cuts in personal tax rates or an increase in the tax exemption limit. The material also notes an existing provision of no tax liability for income up to Rs 7 lakh. Senior citizens are hoping the current Rs 50,000 deduction for mediclaim premium or medical expenditure is raised to Rs 1 lakh, citing rising medical costs. Real estate stakeholders are seeking an increase in the interest deduction limit on housing loans under Section 24B from Rs 2 lakh to Rs 5 lakh, and changes to the holding period for long-term capital gains tax, with 20% referenced in the text. Separately, industry bodies such as FICCI have called for simplifying tax regimes, including streamlining capital gains tax and GST to improve predictability.

New policy signals: labour index and infrastructure push

The government is planning a “Labour Welfare and Employment Index” (LWEI) to rank states based on labour standards, aiming for more uniform implementation and competition among states. The interim budget material also referenced infrastructure and energy initiatives, including viability gap funding for wind energy projects, rooftop solar for households with a stated target of 300 units per month of electricity production, and continued development of the e-vehicle ecosystem. It also mentioned planning three major railway corridor programmes and a focus on expansion and development of new airports. These signals matter for listed sectors linked to capex and public investment, but the final shape of allocations is expected only after the full budget is presented.

Where to watch the budget and access documents

The budget presentation can be watched live on Sansad TV and Doordarshan, and streamed on their YouTube channels. The interim budget coverage also referenced live streaming on the official parliamentary channel at sansadtv.nic.in/live-tv and PIB’s YouTube and website. After the speech, documents are available on indiabudget.gov.in, and the material notes that budget documents can also be accessed via a mobile app.

Key facts snapshot

Why the July budget matters for markets

The interim budget sets baseline numbers, but the July 23 budget will be the first full-year fiscal statement after the elections. It is expected to clarify how spending priorities, deficit consolidation, and sector-specific measures will be funded within the 2024-25 framework. Investors typically track whether fiscal math stays aligned with the stated consolidation path, and how policy choices affect consumption, employment, agriculture, housing, and infrastructure-linked sectors. The final details are expected to be unveiled during the official presentation and subsequent parliamentary discussions.

Conclusion

The 2024-25 budget cycle is split between the interim budget delivered on February 1 and the full Union Budget scheduled for July 23 at 11:00 AM IST. Key numbers already on the table include total expenditure of Rs 47,65,768 crore, nominal GDP growth of 10.5%, and a fiscal deficit target of 5.1% of GDP. Parliament’s Monsoon Session from July 22 to August 12 sets the window for debate and passage. The next concrete step is the July 23 presentation, after which official documents and detailed allocations will be available on indiabudget.gov.in and through the live broadcast feeds.