New Delhi: Union Finance Minister Nirmala Sitharaman presented an interim budget in February 2024. The interim budget was announced months before the 2024 Lok Sabha elections. Later on July 23, she presented the comprehensive Union Budget for the financial year 2024-25. While both budgets play a major role in the nation’s fiscal framework, their objectives and scope vary.
An interim budget is a provisional financial plan presented by the Union government in an election year. Its primary purpose is to secure Parliament’s approval for essential government expenditures during the transition period until the new government assumes office.
An interim budget ensures that the government continues to function without any disruption. It does not include significant policy changes or long-term reforms. Unlike a full budget, the interim budget is not subjected to detailed scrutiny or debate in Parliament. It is primarily aimed at obtaining a vote-on-account to cover essential expenses during the interim period.
The interim budget usually outlines the current state of the economy, fiscal performance, and expected government receipts and expenditures. It is a stop-gap arrangement and does not introduce any new schemes or tax reforms.
Also Read: Nubia launches new clamshell foldable smartphone: Price, Specifications
The full Union Budget or the annual budget is a detailed financial document presented by the government. It provides a financial statement for the fiscal year, outlining revenue sources, expenditure plans, and policy priorities.
Unlike an interim budget, the full budget undergoes a thorough debate and examination in both Lok Sabha and Rajya Sabha. The full budget includes significant announcements, such as new tax proposals, welfare schemes, and allocations for different ministries.
Post Your Comments