Union Budget 2024-25: What is an Interim Budget? How is It Different From a Regular Budget? All You Need to Know
Budget 2024 will be presented on February 1 by Finance Minister Nirmala Sitharaman and is set to be an interim budget. The budget will be telecasted across channels and will also be streamed online at 11 am on February 1.
New Delhi, January 28: As we inch closer to the end of January, India prepares to welcome the introduction of another new budget. Budget 2024 will be presented on February 1 by Finance Minister Nirmala Sitharaman and is set to be an interim budget. The budget will be telecasted across channels and will also be streamed online at 11 am on February 1. However, as we inch towards General Election 2024, Budget 2024 is an interim budget.
As we head closer to the event, here’s everything you need to know about Budget 2024, how Interim Budget 2024 differs from the regular budget and more. Union Budget 2024: From Changes in Income Tax Slabs to Additional Allowances, List of Changes Salaried Class Expects From the Interim Budget This Year.
Financial budget is a crucial annual event which is focused on highlighting the areas that the government will focus on spending on and allocating dedicated funds for different projects. As our financial year begins on April 1, the Union Budget offers suggestions and recommendations on areas where the funding will be made. Union Budget 2024-25: From Infra Development to Digital Inclusion and More, Here’s a Look at Expectations of Political Parties From Interim Budget.
Traditionally, the Budget was presented on the last day of February, giving committees a month to revise and finalize the budget. However, in 2017, then Finance Minister Arun Jaitley changed this tradition and began presenting the Union Budget on February 1, giving committees a longer duration of time to discuss and deliberate before the beginning of the new financial year.
Interim Budget vs Regular Budget
While a regular budget is presented year on year, every year that a General Election is met with an interim budget. As the name suggests, the Interim Budget is presented as a placeholder which will be followed till the new government is elected into office. An Interim Budget is meant to cover the government's expenditure for a part of the year until a new government presents the full Budget.
Interim Budget 2024 is expected to focus on reducing the fiscal deposit of India. An important thing to remember is that most commonly an Interim Budget does not bring drastic changes in a system, instead focuses on offering temporary fixes.
(The above story first appeared on LatestLY on Jan 28, 2024 03:51 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).