Union Finance Minister Nirmala Sitharaman is set to make history today by presenting her seventh Union Budget, surpassing the previous record of six budgets held by former finance minister Morarji Desai. Desai served as finance minister under Prime Ministers Jawaharlal Nehru and Indira Gandhi before becoming Prime Minister of India in 1977.
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Sitharaman, appointed as India’s first full-time woman finance minister in 2019 following Prime Minister Narendra Modi‘s second-term victory, has presented six consecutive budgets, including an interim one earlier this year. Since 1999, the budget presentation time has been at 11 am, a change instituted by then finance minister Yashwant Sinha from the traditional 5 pm slot.
Today’s parliament session will also commence at 11 am and will be broadcast live on various platforms, including the government’s official Union Budget website and Sansad TV.
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There are high expectations across various sectors for significant announcements in the budget. Middle-Class Taxpayers are hoping for relief through lower tax rates and revised income tax slabs, while the market anticipates measures aimed at fiscal consolidation and economic reforms.
Speculations include potential support for the rural sector, incentives for the electric vehicle industry, and possible adjustments to the Securities Transaction Tax.
Sitharaman will table the budget one hour after presenting it in the Lok Sabha. The interim budget, presented on February 1, addressed the financial requirements until a new government is formed following the Lok Sabha elections, after which the full budget is expected.
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