Union Finance Minister Nirmala Sitharaman will present the interim budget on February 1, 2024. The Economic Survey will be presented a before, i.e. on 31st January. Here the question arises, what is interim budget and how it is different from regular budget?
The Union Budget is the annual financial statement of the Government of India. It is presented by the Finance Minister in the Parliament and outlines the government’s revenue and expenditure for the upcoming fiscal year, which runs from April 1 to March 31. The Union Budget is a comprehensive document that includes estimates of government revenue and expenditure, along with the government’s fiscal policies and priorities for the upcoming year. It covers various sectors such as education, health, infrastructure, defense, and social welfare.
The budget is a crucial tool for the government to allocate resources, implement policies, and achieve its economic and developmental goals. It is closely watched by various stakeholders, including businesses, investors, economists, and the general public, as it provides insights into the government’s economic vision and priorities.
While both the Union Budget and Interim Budget are presented annually, the Interim Budget is a temporary arrangement to ensure the continuity of government spending until a new government is formed after general elections. The Union Budget, on the other hand, is the comprehensive financial plan for the entire fiscal year.