NEW DELHI, July 7 (Xinhua) -- India's federal minister of parliamentary affairs Kiren Rijiju Saturday said the newly elected government will present its first federal budget in the lower house of parliament on July 23.
According to Rijiju, the budget presented will be for the fiscal year 2024-2025.
"Hon'ble President of India, on the recommendation of Government of India, has approved the proposal for summoning both the Houses of Parliament for the Budget Session 2024 from July 22 to August 12 (Subject to exigencies of Parliamentary Business)," the minister in a statement said. "Union (federal) Budget 2024-25 will be presented in Lok Sabha on July 23."
The federal budget, annual financial statement of a government, gives details about the revenue and expenditure, besides providing estimates for the coming year.
Indian Prime Minister Narendra Modi last month secured the third term for himself in the country's general elections with the support of alliance partners in his Bharatiya Janata Party (BJP)-led National Democratic Alliance. In the previous two terms, his party had won an outright majority. However, his party's performance in the recent election came as a setback to him, for this time he relies on the alliance partners to run the government. ■
