Finance Minister Nirmala Sitharaman is gearing up for the Union Budget 2024 presentation. The forthcoming budget is as an interim one, which is always scheduled ahead of general elections slated for the April-May period. Moreover, the newly elected government will later present a comprehensive budget outline later in the year.

How is the Union Budget prepared?

The annual financial statement outlines the government’s proposed expenditures and revenues for the upcoming fiscal year, starting on April 1 and ending on March 31 of the following year. In addition, it’s worth noting that the process begins six months before the final presentation in Parliament.

It involves revenue allocation by the Finance Ministry and dispute resolution by the Prime Minister or Union Cabinet. Furthermore, estimations for the annual budget commence in the August-September period of the preceding year. Whilst, ministries are issued a circular to prepare estimates, initiating thorough consultations with Niti Aayog. Thereafter, the approved data is forwarded to the finance ministry.

The Finance Minister engages with stakeholders, discusses proposals, and finalizes decisions with the Prime Minister. The Budget Session of Parliament usually commences on January 31, marked by the President of India’s address to a joint sitting of Rajya Sabha and Lok Sabha. Whilst, the budget document itself is presented the next day in Lok Sabha.

Union Budget 2024: Frequently Asked Questions (FAQs)

Ahead of the much-awaited release of the Economic Survey and the Interim Budget, here are answers to some frequently asked questions:

1. When will Parliament’s Budget Session start and end?

The Union Budget 2024 Session is slated to commence on January 31 and will conclude on February 9.

2. When is President Droupadi Murmu addressing both Houses during the Budget Session?

President Droupadi Murmu will inaugurate the budget session by addressing both Houses of Parliament assembled together.

3. When will Finance Minster Nirmala Sitharaman present the Interim Budget 2024?

FM Nirmala Sitharaman is expected to present the Interim Budget 2024-2025 in Parliament on February 1 at 11:00 a.m.

4. What is the Interim Budget?

An Interim Budget is a provisional financial plan managing expenditures for a brief duration, usually a few months, until a new government assumes office. It addresses financial needs and revenues during this interim period until a comprehensive budget is presented in July by the new government.

5. When will the Economic Survey be presented in Parliament?

The Economic Survey for 2024-25 will be presented on January 31 ahead of the interim budget on February 1.

6. What is the Economic Survey?

The Economic Survey sums up the annual economic development in the country. In addition, it highlights key challenges and their possible solutions. Chief Economic Adviser Dr. V Anantha Nageswaran is in charge of preparing the survey.

7. When did the annual budget-making process start?

The Ministry of Finance initiated its annual budget-making exercise on September 4, 2023.

8. What is fiscal deficit?

Fiscal deficit is the difference between a government’s total revenue and total expenditure in a financial year. The resultant figure indicates the shortfall in governmental earnings compared with spending. Also, it is to be noted that borrowings aren’t added in the government’s revenue.

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Filed under: News - @ January 1, 1970 12:00 am