Know India's Budgets: Interim Budget 2024

 

What is an Interim Budget?

An Interim Budget is presented by a government that is going through a transition period or is in its last year in office ahead of general elections. Traditionally, an incumbent government cannot present a full union Budget in the election year. Instead, the Finance Minister presents an Interim Budget during the joint sitting of Rajya Sabha and Lok Sabha in Parliament.

 With an Interim Budget, the incumbent government seeks a vote of approval from the Parliament to draw money from the consolidated Fund of India to meet it's budget expenses before the end of the financial year.

 What can be included in the interim Budget?

The interim Budget includes estimates for the government's expenditure, revenue, fiscal, deficit, financial performance and projections for the coming months. Interim Budget is also call temporary Budget.

What is the difference between Interim budget and Union budget?

Interim Budget:                  

●       It is a budget meant for few months;

●       It is presented before Elections;

●       It is not a mandatory device.           

Union Budget:         

●       It is presented for a financial year;

●       It is not presented before Elections, but generally done every year during February.

●       It is a mandatory device.

 INTERIM BUDGET 2024 DETAILS

(TOP 5 EXPENSES) 

• Ministry of Finance — 18,50,228 crores
• Ministry of Defence — 6,21,540  crores
• Ministry of Road Transport – 2,78,000 crores
• Ministry of Railways — 2,55,393 crores
• Ministry of Consumer Affairs – 2,13,020 crores.

Written by: Abhisakh Chakraborty 

Abhisakh is a student of Sixth Semester studying Political Science (Hons.) at Maynaguri College. 

Source: “Interim budget” by Abhiraj Rajadhyaksha and Niyati Mavinkurve.

Link: https://www.thehindu.com/business/budget/budget-2024-live-updates-nirmala-sitharaman-presents-interim-budget-february-1/article67796321.ece

Photo Credit: https://www.deccanchronicle.com/h-upload/2024/02/01/1073578-addaheading2.webp