Budget 2024

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Interim Union Budget 2024

India's Union Budget 2024 holds significant importance as it will be an interim budget presented by finance minister Nirmala Sitharaman ahead of the 2024 Lok Sabha Elections. Scheduled for February 1st at 11 am, this Interim budget marks a critical juncture in India's politico-economic landscape. Addressing challenges and opportunities, it is pivotal for India's trajectory towards becoming a developed economy by 2047 post the pandemic era.


Despite robust GDP growth of 7.6 percent in the second quarter of FY 2023-24, India faces challenges, particularly from global economic uncertainties affecting exports. The finance minister faces the delicate task of balancing fiscal consolidation, targeting a reduction in the fiscal deficit from 5.9 percent to 4.5 percent by 2025-26.

Why An Interim Budget ?

The Modi government will present an Interim Budget due to the 2024 General Elections to be held later this year. An Interim Budget is a temporary measure covering government expenses until a newly elected government can present a full-fledged budget.


No Economic Survey Ahead of Interim Budget

In the case of an interim budget, the traditional practice of presenting the Economic Survey before the Union Budget is altered. Instead, the Economic Survey is typically presented when the full budget is unveiled in July after the new government assumes office.

The History of Union Budget

India's budget history dates back to April 7, 1860, during British colonial rule, when then finance minister of India, James Wilson, presented the budget.

The first Union Budget of Independent India was presented by the first finance minister of Independent India, Sir R.K. Shanmugham Chetty, on November 26, 1947, amid the challenging backdrop of partition. Notably, the budget of 1949-50, presented by then finance minister John Mathai, marked the preparation of a budget for a United India, incorporating all princely states.


Union Budget Lesser-Known Facts

Previously, the Railway Budget was a separate entity until 2017 when it merged into the Union Budget.

Indira Gandhi was the only woman finance minister who was holding the position of Prime Minister while presenting the Union budget.

The budget of 1997-98, was termed the "Dream Budget," as it paved the way for significant economic reforms in India.

Budget Faqs

What is a Union Budget?

The Union Budget is the financial statement of the government, presenting its revenues and expenditures for a specific fiscal year.

What is an Interim Budget?

An interim budget is a temporary budget covering government expenses until a full-fledged budget is presented by the newly elected government.

Why will there be no Economic Survey ahead of Budget 2024?

During an Interim budget, the Economic Survey is typically presented with the full budget after the new government assumes office.

Who will present the Union Budget 2024?

Finance minister Nirmala Sitharaman will present the Union Budget on February 11, 2024, at 11 AM.

Who prepares the Union Budget?

The Union Budget is prepared by the Ministry of Finance, Government of India.

When will the Union Budget 2024 be presented in Parliament?

The Union Budget 2024 is scheduled to be presented on February 1st, 2024.

What is fiscal deficit?

Fiscal deficit is the difference between the government's total expenditure and its total receipts, excluding money from borrowings.

What to Expect from Interim Budget 2024?

Expect measures addressing current economic challenges, electoral considerations, and temporary financial provisions.

When will the full Union budget be presented?

The full budget is likely to be presented in July 2024 after the new government assumes office.

What is vote on account?

A vote on account is a grant made in advance by the Parliament for government expenses until the full budget is passed.

What is fiscal policy?

Fiscal policy refers to the government's use of taxation and expenditure to influence the economy.

What is GDP? How is GDP calculated?

GDP (Gross Domestic Product) is the total value of all goods and services produced in a country. It is calculated by adding consumption, investment, government spending, and net exports.

What are indirect taxes?

Indirect taxes are taxes imposed on goods and services rather than directly on income.

What is a capital budget?

A capital budget is a budget that focuses on expenditures for physical assets like infrastructure and equipment.

Which finance minister has delivered the longest budget speech?

The record for the longest budget speech is held by Late Arun Jaitley, who spoke for 160 minutes during the Union Budget presentation in 2014-15.

Who holds the record for the most number of budget presentations?

The record for the most number of budget presentations is held by Morarji Desai, who presented ten budgets.

When is the budget presented?

In India, the Union budget is typically presented on the first working day of February.

What is an expenditure budget?

An expenditure budget outlines the planned expenses of the government for a specific period, detailing allocations for various sectors and projects.

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