The exact date of Budget 2024 is unknown at this time. The question of whether there should be two budget sessions or just one is being discussed. The administration will make a decision in the coming days, although it may decide to divide the Budget session into two sessions: a motion of thanks and a budget presentation in the second half.
ANI
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Two Budgets in one year
Earlier this year in February, Finance Minister Nirmala Sitharaman had presented the Budget. This was done on February 1, keeping up with the traditions. That was the last Bugdet of the BJP government, which had come to power in 2019 without the support of NDA allies. The February Budget was kept short, with no Economic Survey, and no major decisions. This was an Interim Budget.
ANI
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Why is India having two Budgets in one year?
India has two budgets this year since the incumbet government cannot make a comprehensive budget before the general election. In election years, the finance minister proposes an interim budget to the existing government during a joint session of the Rajya Sabha and Lok Sabha in Parliament. This is exactly what happened on February 1 when Sitharaman presented her interim budget.
ANI
Interim Budget is a financial statement that the government uses to fund operations until a new administration assumes power. The Interim Budget often avoids making significant policy pronouncements or revisions, although it does include expenditures and essential allocations. Up to the formation of a new government following the election, this procedure guarantees the continuation of government operations and finances.
ANI
The newly elected government will present the Full Budget of this fiscal year. This Full Budget will include the plans for revenue, spending, and economic policies of the incoming administration for the whole fiscal year. It displays the policies and goals of the incoming administration. Since Nirmala Sitharaman has been retained as the Finance Minister, she will present the Budget.
