Answered: All FAQs On Upcoming Interim Budget 2024

India¡¯s Finance Minister Nirmala Sitharaman is set to present the interim budget 2024 for PM Modi led BJP government just a couple of months ahead of Lok Sabha Elections.

The interim Budget 2024 will be presented next month, with the hopes of crores of taxpayers and other segments of the economy pinned on it. With just about three weeks left for it, let us bring to you all the FAQs on the upcoming interim Budget 2024 to help you get more clarity about it.

FAQs On Interim Budget 2024

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1.When will Interim Budget 2024 be presented?

India's Finance Minister Nirmala Sitharaman will likely present the Interim Budget 2024 on February 1, 2024, at 11:00 AM.

2.When will the Budget Session start and end?

The Budget Session of Parliament is expected to begin in the last week of January and conclude in April.

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3.When will President Murmu address the Parliament?

India's President Droupadi Murmu will officially open the Budget Session by addressing both Houses of Parliament on the first day.

4.What is an "Interim Budget"?

An interim budget serves as a temporary framework for managing provisional expenditures over a short duration, usually spanning a few months, until a new government takes office at the central level.

The conclusion of the financial year on March 31st corresponds with the typical transition period to a new government in late May or early June. The interim budget is strategically crafted to meet the financial requirements and tackle revenue considerations of the recently established government during this interim period. Following the inauguration of the new government, a comprehensive budget for the remaining portion of the fiscal year is typically presented in July.

Despite being presented for the entire year, similar to a regular budget, the interim budget is subject to constraints imposed by the Election Commission. These constraints aim to prevent the government from implementing policies that could unduly influence the general public before the commencement of voting.

Also Read: From Election To Budget: 5 Big Events In 2024 That Can Make Or Break The Stock Market

5.When did the budget-making process begin?

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The Ministry of Finance had started working on the Budget on September 4, 2023.

6. What has FM Nirmala Sitharaman said about Budget 2024?

Last month in December, FM Sitharaman had mentioned that the interim Budget 2024 will be 'devoid of any spectacular announcements'. She said the budget will only be tabled for the expenditure of the government till a new government is formed after the 2024 general elections.

"It is a matter of truth that the February 1, 2024 budget that will be announced will just be a vote on account because we will be in an election mode. So the budget that the government presents will just be to meet the expenditure of the government till a new government comes to play."

Also Read: Answered: All Your FAQs & Queries Regarding UPI

7. What is a 'vote-on-account'?

In the lead-up to elections, it becomes impractical to a present comprehensive budget. That is why the government introduces an interim budget. The vote-on-account, which is passed through the interim budget, is a mechanism through which the government requests Parliament's endorsement for funds required adequately to cover expenses until the establishment of a new government. In essence, a 'vote on account' refers to the temporary authorization granted by the parliament to the government for expenditure.

Also, while the interim budget comprises both expenditures and receipts, encompassing the financial aspects of the government, a vote-on-account specifically details the government's incurred expenditures, providing a focused overview.

8. When Was The Last Interim Budget Presented?

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The Union Interim Budget 2019 was presented by the then Finance Minister Piyush Goyal on 1st February 2019. The Budget session had began at 11 A.M.

9. When Will The Full Budget 2024 Be Presented?

After the Lok Sabha elections' results are announced around May 2024, the government thus formed will present the full Budget 2024 in July.

10. Is it mandatory to present an interim budget?

No, it's not mandatory to present the interim Budget. The vote-on-account option is open to the government. However, governments usually choose to adopt an interim budget during election years.

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