Budget 2024: Know What is Interim Budget and Key Points of Union Budget 2024

Union Budget 2024: The Finance Ministry will be presenting this year’s budget on 1st February 2024. However, the government will present the interim budget this time due to the upcoming 2024 Lok Sabha Elections. In the year of general elections, the interim budget is presented by the central government for the first few months. If we talk about the expectations from the interim budget this time, the government is expected to take some steps to increase consumption in rural areas, increase in employment, investments in R&D in the healthcare sector, etc. Before this, let us know what is interim budget and how it is different from the regular budget.

What is Interim Budget?

In the interim budget, the government gives a summary of the income from the next few months’ expenses and taxes. However, in the interim budget, estimates are given for the entire year just like the regular budget. The government presents the budget for the entire financial year in a regular budget session. In the interim budget presented for 2-4 months, the government can complete its expenses with a consolidated fund of the country. There are two segments in an annual budget: Last year’s income and expenses report, and Next year’s estimated income and expenses report. In the interim budget, while the income and expenses of the previous year are included in the interim budget, the second segment includes documents of the basic expenses for the next few months only.