What is the 2024 interim budget, and how is it prepared?

NewsWhat is the 2024 interim budget, and how is it prepared?

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The government’s finances for the fiscal year, which runs from April 1 to March 31, are reported in the budget. According to Article 112 of the Indian Constitution, the Union Budget is the government’s annual financial statement, a declaration of its anticipated receipts and outlays for the year. Annually, the Indian government unveils the Union Budget on February 1. Since this is an election year, the government will present the interim budget this time. The government’s finances for the fiscal year, which runs from April 1 to March 31, are reported in the budget.

PM Narendra Modi declared that this would serve as an interim budget prior to the budget. “Greetings to all of you for  the year 2024,” he said. This Parliament made the very dignified decision to remove the Nari Shakti Vandan Adhiniyam at the conclusion of the first session held in the new Parliament building.

What kinds of union budgets are there?

The budget for revenue and the capital budget are the two sections that make up the Union Budget. While the latter includes goods that do impact the government’s assets and obligations, the former contains goods that do not. The government’s revenue and expenditures are specified in the revenue budget. 

How is the budget put together?

Six months before the presentation date, in August or September, the budget is created. The Union Finance Minister prepares the budget with the assistance of bureaucrats and advisors. Experts and business leaders are also invited by the finance minister to submit ideas. The entire process consists of four stages: an initial estimate of the deficit, an estimate of spending and revenue, deficit reduction, and budget presentation and approval.

On February 1, Union Finance Minister Nirmala Sitharama will present the sixth consecutive budget, matching the record held by former Prime Minister Morarji Desai. Since July 2019, Nirmala Sitharaman has presented five complete budgets and is the nation’s first full-time female minister of finance. Nirmala Sitharaman will break the records of her predecessors, Manmohan Singh, Arun Jaitley, Chidambaram, and Yashwant Sinha, who presented five budgets in a row on February 1 when she presented the interim budget.

The budget presentation by Morarji Desai

Between 1959 and 1964, Morarji Desai, the finance minister, unveiled five yearly budgets and one interim budget. The record for the most budgets presented by a finance minister is ten.

The budget presentation by Piyush Goyal

The 2019–20 interim budget was unveiled by Piyush Goyal on February 1.

Nirmala Sitaraman’s financial history

Nirmala Sitharaman assumed the finance portfolio following the 2019 general elections, making history as the second female budget presenter after Indira Gandhi, who did so for the 1970–71 fiscal year.

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