Finance Minister Nirmala Sitharaman is set to present the interim Budget 2024, a common practice during election years when a full budget cannot be presented by the incumbent government. An interim budget covers government expenses and revenues for a short span in an election year until a new government is elected. It outlines the government’s expenditure and revenue proposals until a full-fledged budget is presented by the new government.
The interim Budget includes estimates for government expenditure, revenue, fiscal deficit, and financial performance for a few months, but cannot include major policy announcements. Generally, interim budgets focus on maintaining continuity and do not introduce major policy changes. However, they may include some policy adjustments and new initiatives if there is an urgent need or if they are in line with the ongoing government’s priorities.
The interim budget is typically presented by the incumbent government’s finance minister before the expiration of their term. It is a shorter-term financial statement that allows for the smooth functioning of the government until a new administration can present a full budget for the entire fiscal year. After the new government takes office, they have the option to either continue with the allocations and proposals outlined in the interim budget or make revisions based on its priorities and policies.
This will be Sitharaman’s sixth budget under the Prime Minister Narendra Modi-led administration. In the 2023-24 budget, a total expenditure of Rs 45,03,097 crore was proposed with the highest allocation going to sectors like defence, road transport and highways, railways, health and family welfare, and jal shakti. The interim budget serves as a provisional guide until the full budget is presented by the new government.
News Highlight :
– Finance Minister Nirmala Sitharaman is presenting the interim Budget 2024, as is customary in election years when a full budget cannot be presented by the incumbent government
– The interim Budget covers government expenses and revenues for a short span in an election year, until a new government is elected
– It includes estimates for government expenditure, revenue, fiscal deficit, and financial performance for a few months, but cannot include major policy announcements
– Generally, interim budgets focus on maintaining continuity and do not introduce major policy changes, but may include some adjustments and new initiatives if needed
– The interim budget is typically presented by the incumbent government’s finance minister before the expiration of their term
– The new government can choose to continue with the allocations and proposals outlined in the interim budget or make revisions based on its priorities and policies
– The interim budget serves as a provisional guide until the full budget is presented
– In the 2023-24 budget, a total expenditure of Rs 45,03,097 crore was proposed with the highest allocation going to sectors like defence, road transport and highways, railways, health and family welfare, and jal shakti
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