When will Union Budget 2024 be released? Expected date, other key details

Union Budget or the full-year financial statement for the year ending March 31, 2025, will be presented by the government in July. The document will list out the estimated revenue and expenditure for the fiscal year.

The upcoming budget is expected to highlight the first set of policy measures that will be unveiled by the new government.

The rollout of the key fiscal document would come days after Prime Minister Narendra Modi took oath to office for a historic third term. Although the Bharatiya Janata Party (BJP) led by him slipped behind the majority mark in the recently concluded Lok Sabha elections, it was able to reform the government with support from smaller allies.

When will Union Budget 2024 be released?

The exact date for the release of Union Budget 2024 is yet to be known. As per the precedent, the full-year budget in general election years is usually presented in the first or second week of July.

This time, however, reports claim the full-year budget would be presented in the third week of July.

Why was the full-year budget not presented in February?

At every five years, the Lok Sabha elections are held to elect a new government. Since 2004, the polls are conducted between the months of March and May, and the new government usually takes charge in June.

As a result, the full-year budget is not presented in February if the general elections are scheduled to be held in that particular year. Instead, the incumbent government presents an interim budget, which is largely a vote on account (VoA).

The VoA is primarily aimed at covering the government's expenses, and highlight the estimated revenue, for the period between April 1 and July 31.