New Delhi : Union Finance Minister Nirmala Sitharaman is poised to present the Interim Budget today ahead of the 2024 Lok Sabha elections, marking the final budget in Prime Minister Narendra Modi’s second term. This budget is interim in nature, with the comprehensive budget for the financial year 2024-25 slated for introduction only after the formation of the new government post-general elections.
The Interim Budget delineates expenditures and revenues until the new government is formed, aiding in managing financial obligations during the transition period.
In anticipation of the Interim Budget, President Droupadi Murmu emphasized India’s sustained position as the fastest-growing major economy. She stated, “The year 2023 witnessed historic growth for India, outpacing other major economies despite the global crisis, with consecutive quarters of approximately 7.5 per cent growth.”
What is an Interim Budget?
During an election year, the incumbent government cannot present a full budget. Instead, an Interim Budget is presented, covering expenses and revenues for a limited period.
What is included in the Interim Budget?
The Interim Budget encompasses estimates for government expenditure, revenue, fiscal deficit, financial performance, and short-term projections.
What is the Union Budget?
The Union Budget is the annual financial statement outlining the government’s estimated costs and expenses for the upcoming financial year.
When will the full Budget be released?
Following the Lok Sabha elections, the new government will present a complete Budget.
Did you know about ‘Gender Budgeting’?
India introduced Gender Budgeting in 2005. The aim was to focus on the needs of women and promoting gender equality.
