Interim Budget 2024: What Is The Difference Between Interim & Full Union Budget?
India¡¯s Finance Minister Nirmala Sitharaman is set to present the Budget 2024 for on 1st February. This will be the sixth time Sitharman presents the Budget, after scripting history in 2019 by becoming India¡¯s first full time female Finance Minister.However, this time the budget will be an interim one, instead of a full union budget. Lets understand what is an interim budget and how it is different from a full union budget.
India¡¯s Finance Minister Nirmala Sitharaman is set to present the Budget 2024 for on 1st February. This will be the sixth time Sitharman presents the Budget, after scripting history in 2019 by becoming India¡¯s first full time female Finance Minister.
However, this time the budget will be an interim one, instead of a full union budget. Lets understand what is an interim budget and how it is different from a full union budget.
What Is An Interim Budget?
Interim Budget 2024/pti
The Interim Budget serves as a temporary framework for managing provisional expenditures over a shorter duration, usually a few months, until a new government takes office later in that financial year.
How Is Interim Budget Different From Full Budget?
Unlike a usual full Union Budget that is presented on most years, an interim budget tends to happen in the years in which a country is going for general elections. On the other hand, a full union budget is the one that is announced for that entire upcoming financial year.
Why Is It An Interim Budget In 2024?
interim budget/PTI
Since India is set to go for Lok Sabha election in April-May 2024, which falls amidst the new financial year 2024-25 which would have begun on 1st April 2024, FM Sitharaman will have to present an interim budget on February 1st.
When Will Full Union Budget Be Presented In 2024?
The full union budget 2024 will be presented in July, by the Finance Minister belonging to whoever forms the new government post elections.
Who Presented The Previous Interim Budget & When?
interim budget 2019/ET
India¡¯s then Finance Minister Piyush Goyal had presented India¡¯s previous interim budget on February 1, 2019.
What Is The Date For Budget Session 2024?
Budget session 2024 is likely to begin on January 31st and will continue till 9th February in the Parliament.
Also Read: FAQs On Upcoming Interim Budget 2024
Which Years Have Seen Nirmala Sitharaman Presenting The Budget?
nirmala sitharaman budget/pti
India¡¯s current Finance Minister Nirmala Sitharaman has presented five budgets till date, in the years 2019,2020,2021,2022 and 2023. February 1st 2024¡¯s budget will be her sixth budget presentation.
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