New Delhi, Feb 1: Union Finance Minister Nirmala Sitharaman is scheduled to present the Interim Budget today, preceding the 2024 Lok Sabha elections and serving as the conclusive budget in Prime Minister Narendra Modi's second term.
This interim budget, designed to manage financial problems until the new government is formed post-election, is distinct from the comprehensive budget for the fiscal year 2024-25.
The Interim Budget delineates both expenditures and revenues up to the formation of the new government, providing a framework for financial management. Prior to the budget presentation, President Droupadi Murmu emphasized India's steadfast position as the fastest-growing major economy, noting a historic 7.5% growth in consecutive quarters during 2023, despite global challenges.
What exactly is an Interim Budget?
In an election year, the incumbent government is restricted from presenting a complete budget. Consequently, an Interim Budget is introduced to cover the government's financial aspects for a brief period.
What does the Interim Budget encompass?
The Interim Budget incorporates estimates for the government's expenditure, revenue, fiscal deficit, financial performance, and projections for a limited timeframe, typically a few months.
What defines the Union Budget?
The Union Budget is the annual financial statement containing the government's anticipated costs and expenses for the entire financial year.
When can we expect the full Budget to be released?
Following the Lok Sabha elections, the newly formed government will present the comprehensive full Budget.