What is an interim budget? When will there be a full budget? All FAQs answered

Interim Budget 2024: The presentation of an interim budget follows the same schedule as the Union budget would in a regular financial year.

Published on: Jan 31, 2024, 11:01:27 IST

By HT News Desk

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As Finance Minister Nirmala Sitharaman is set to present the interim Budget 2024, prior to this Piyush Goyal had presented an interim budget in 2019. So, what is an interim Budget, and why will it be presented instead of a full budget in 2024?

Interim Budget 2024: After the Lok Sabha elections, the new government presents a full budget.

What is an interim budget?

During an election year, the incumbent government cannot present a full budget owing to which the finance ministers present an interim Budget that covers the government's expenses and revenues for a short period. This is till a new government is elected and takes charge.

What is the difference between an interim budget and a full budget?

The Union Budget is the annual financial statement with the estimated costs and expenses of the government for the following financial year.

When is the interim Budget released?

The presentation of an interim budget follows the same schedule as the Union budget would in a regular financial year.

When is the full Budget released?

After the Lok Sabha elections, the new government presents a full budget.

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 just a few months.

What cannot be included in the interim Budget?

No major policy announcements that can burden the next government can be presented in the interim Budget.

What is vote-on-account?

The Parliament passes a vote-on-account through the interim Budget which allows the government to obtain Parliamentary approval for essential government spending such as salaries and ongoing expenses.

Why is interim Budget necessary?

There is no constitutional provision for an interim budget. However, it has become a common practice for outgoing governments ahead of polls.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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