Parliament’s Interim Budget Session 2024 will be held from 31 January to 9 February. The session will be last of the 17th Lok Sabha and will begin with the address of President Droupadi Murmu.
The Interim Union Budget 2024 will be presented by Finance Minister Nirmala Sitharaman on 1 February.
With Lok Sabha elections 2024 scheduled to be held later this year, Sitharaman would be presenting an interim budget and not a full budget.
India’s economic survey will be presented on 31 January.
Union Budget
Also known as the annual financial statement (AFS) for a particular year, Union Budget is presented by the government to highlight its expenditure and receipts during that financial year.
Under Article 112 of the Constitution, an AFS has to be presented before Parliament every financial year which runs from 1 April to 31 March.
The Union Budget outlines the estimates of the government’s accounts for the next fiscal year, known as budget estimates. The budget has to be sanctioned by the parliament as without its approval, the government cannot draw from the Consolidated Fund of India.
What is interim budget?
As mentioned the annual budget presented every year on 1 February acts as the full financial statement for the upcoming fiscal year – April to March, but if there in a general election on a particular year, the government uses the interim budget to ensure that the country’s machinery keep moving without any disruption.
Just like Union Budget, interim budget is also presented on 1 February of the year, however, instead of the entire fiscal year ahead, it covers the remaining months of the ongoing fiscal year.
To sum it up, the interim budget serves as a temporary measure to ensure the smooth functioning of the government and the country’s economy during this transitional period.
What does interim budget focuses on?
The interim budget focuses on maintaining essential services and meeting urgent financial obligations such as salaries, pensions, and welfare programs. It outlines the estimated revenue and expenditure for the upcoming months until a full-fledged budget can be presented.
It avoids any major policy pronouncements or major changes in taxation, to avoid influencing the voters in any way before the elections.
Also, the approval process of the interim budget doesn’t allow for much parliamentary discussion.
With inputs from agencies
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