Union Budget 2024-25: What is Vote on Account? How is It Different From Interim Budget? All You Need to Know
According to the definition in Article 116 of the Indian Constitution, a vote on account is an advance grant to the government from the Consolidated Fund of India to cover short-term expenditure requirements until the new financial year begins.
Mumbai, January 31: Union Budget 2024 will be presented by Finance Minister Nirmala Sitaraman on February 1 at 11 am. While the budget presented will be an Interim Budget, as India heads towards General Elections 2024, the focus on the key areas promoted and reforms suggested is being heavily anticipated by one and all. This will be the sixth budget presented by Finance Minister Nirmala Sitaraman and is set to be a vote on account. However, many people are confused as to why Budget 2024 is a vote on account budget, what it means, etc. Union Budget 2024-25 Live Streaming Online: Date, Time and Where to Watch Finance Minister Nirmala Sitharaman’s Budget Speech? All You Need to Know.
What is a Vote on Account Budget?
Vote on Account refers to the advance grant that is given to a government in an effort to cover short-term expenditures. According to the definition in Article 116 of the Indian Constitution, a vote on account is an advance grant to the government from the Consolidated Fund of India to cover short-term expenditure requirements until the new financial year begins. Vote on Account Budget, therefore, refers to the Interim Budget that is made for a shorter duration on the basis of funds that have been taken from the country. The funds are usually taken from the Consolidated Fund of India, which records the revenue generated by the central government. The Consolidated Fund of India is defined in Article 266 of the Indian Constitution.
Why is Budget 2024 a Vote on Account Budget
As mentioned before, India is all set to enter General Elections - which will focus on electing a new central government and forming a new cabinet. During election years, the budget presented is for a shorter duration and is focused on the expenditure made until the new government comes into power. The complete budget is then presented by the new government in June. Since we are looking at a short-term budget or an Interim budget, the expenditure projected would be voted on. Interim Budget 2024 Expectations: From Tax Concessions to Promotion of Green Energy, What to Watch Out For From This Pre-Elections Budget This Year.
The Interim Budget 2024 is expected to be a crucial element that sets the tone for the areas of policy changes and development plans that can be expected in the coming year. Even as we enter General Elections and expect a new government to be formed, this budget is sure to help India in its journey to attain all its international goals for economics, energy conservation and more.
(The above story first appeared on LatestLY on Jan 31, 2024 05:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).