1. What to expect from Budget 2024

What to expect from Budget 2024

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Upstox

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1 min read • Updated: February 2, 2024, 2:34 PM

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Summary

The Interim Budget 2024, presented before the general elections, serves as a temporary financial plan to manage government affairs for the next few months, with the newly elected government announcing a full budget post-elections. This budget will include estimates of expenses and revenue, insights on fiscal deficit, and a preview of the economic outlook, with tax-related announcements expected, though major policy changes are limited to avoid influencing voters.

Interim Budget Unveiled Before General Polls In election years, especially when general elections are scheduled, the government presents an interim budget instead of a full budget. But what exactly does this mean, and what purpose does it serve?

Temporary Financial Plan Essentially, the interim budget is a temporary financial plan covering the next few months, aiding the government in managing its affairs. After the general elections, the newly elected government will present a full budget.

Tax Announcements and Limitations Expect tax-related announcements in the interim budget. However, major policy announcements are restricted. The ruling government cannot introduce significant schemes, as per the Election Commission's code, to avoid influencing voters.

The Presentation and Vote of Approval The Finance Minister presents the interim budget in a joint sitting of the Rajya Sabha and Lok Sabha, similar to the union budget. Before utilising funds from the consolidated fund for budget expenses before the fiscal year-end (March 31st), the incumbent government seeks parliamentary approval through a vote on account.