Since this is an election year, our current Finance Minister Nirmala Sitharaman, will present what is called the interim Union Budget 2024 on February 1.
Interim Budget is just a different term for a budget presented by the Central Government just before the general elections. Where as, the Union Budget is an annual budget presented by the Central Government in the Parliament. In the Interim Budget, the income and expenses of the previous year will be mentioned.
Vote on the account is passed without discussion in the Lok Sabha in the case of an interim budget.
Since, this is the interim budget of the next financial year and not the complete budget, the policies listed during the presentation won't come into effect until the new government is formed.
No new major policy changes are expected in this interim budget.
The budget will mention the income and expenses of the previous year and the expenses for a few months till the charge is taken over by the next Government. However, most importantly the sources of income will not be detailed in the Interim Budget.
What do you expect from this years budget and elections? Tell us in the comments!