Mumbai, January 25: Union Finance Minister Nirmala Sitharaman will present the Interim Budget on February 1. This year, it will be an interim budget as Lok Sabha elections in India are due. For the unversed, an interim budget is a temporary financial plan for a few months until a new government is formed. This means the full Budget for FY25 will be presented after the formation of the new government following the general elections. Usually, major announcements are avoided during a vote on account.

Earlier, Sitharaman had said that no major tax announcements or changes to the policy will be announced in the Union Budget 2024 and that the budget is only being implemented in an interim capacity for the first quarter of the new financial year as elections are due. In this article, let’s know what an interim budget is and how it is different from the annual budget. Union Budget 2024–25: Halwa Ceremony Held To Mark Final Stage of Interim Budget Preparation (See Pics and Video).

The interim budget is a financial statement presented by the government in the election year or when the government is about to complete its term. It is not a full-fledged budget but rather a temporary arrangement to meet the government's expenditure needs until a new government is formed after the elections. Broadly, the Interim Budget will outline the government's anticipated receipts and expenditures until the new government is formed.

On the other hand, a full- comprehensive Budget encompasses all facets of government finances, including earnings, spending, allocations, and policy declarations. Once the new government is formed after elections, it presents a full-fledged budget for the entire fiscal year, outlining its policy priorities, taxation proposals, and budget allocations.

The Interim Budget will outline the government's anticipated receipts and expenditures until the new government is formed. In contrast, a comprehensive Budget encompasses all facets of government finances, including earnings, spending, allocations, and policy declarations. In 2024, the General elections are expected to be held in India between April and May 2024 to elect 543 members of the Lok Sabha. The tenure of the 17th Lok Sabha is scheduled to end on June 16, 2024. The election schedule for the 18th Lok Sabha will be announced by the Election Commission of India (ECI). Union Budget 2024-25: Ten Facts About India's Budget That Every Indian Citizen Must Know Of.

The previous general elections were held in April–May 2019, and the National Democratic Alliance, led by the Bharatiya Janata Party, formed the union government, with Narendra Modi continuing as the Prime Minister of India.

(The above story first appeared on LatestLY on Jan 25, 2024 04:22 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).