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The Union Budget is the annual financial report of India; an estimate of income and expenditure of the government on a periodical basis. As per Article 112 of the Indian Constitution, it is a compulsory task of the government. [3] The first budget of India was presented on 18 February 1860 by Scotsman James Wilson. [4]
Finance Minister Nirmala Sitharaman presented the Union Budget in the Lok Sabha on 1 February 2024 following the necessary approval from the President of India. During this presentation, the Finance Minister highlighted the crucial aspects of the document and justified the underlying thought process behind the proposed initiatives.
The election schedule for the 18th Lok Sabha was announced by the Election Commission of India on 16 March 2024 and with it the Model Code of Conduct came into effect. [ 1 ] [ 2 ] [ 3 ] The tenure of the 17th Lok Sabha was scheduled to end on 16 June 2024.
The 18th Lok Sabha was formed after general elections were held in India over seven phases from 19 April to 1 June 2024, to elect all members from 543 constituencies of the Lok Sabha. The votes were counted, and the results were declared on 4 June 2024.
2–3 July – 2024 India-Bangladesh floods: At least sixteen people are killed by floods and landslides in Assam and Arunachal Pradesh, while over 300,000 more are displaced. [101] [102] 5 July – A victory parade is held in Mumbai by the Indian cricket team following their victory in the 2024 ICC Men's T20 World Cup. [103] [104]
The budget division of the Department of economic affairs (DEA) in the finance ministry is the nodal body responsible for producing the budget. [1] It is presented by means of the Finance bill and the Appropriation bill has to be passed by Lok Sabha before it can come into effect on 1 April, the start of India's financial year.
General elections were held in India from 19 April to 1 June 2024 in seven phases, to elect all 543 members of the Lok Sabha. [a] Votes were counted and the result was declared on 4 June to form the 18th Lok Sabha. [2] [3] On 7 June 2024, Prime Minister Narendra Modi confirmed the support of 293 MPs to Droupadi Murmu, the president of India. [4]
Modi taking charge of the Prime Minister of India for the third consecutive term. The Third Modi ministry came into existence following the 2024 general election to the 18th Lok Sabha in which the Bharatiya Janata Party-led National Democratic Alliance emerged victorious winning 293 of the 543 seats of the Lok Sabha.