Union finance Minister Nirmala Sitharaman take part in the 'halwa ceremony' that mark the commencement of the final stage of preparations for 'Interim Union Budget 2024'.
Credit: PTI Photo
Finance Minister Nirmala Sitharaman is all set to present her sixth Budget in a row on February 1, 2024. But this time, since the general election is around the corner, the Finance Minister will be presenting an interim budget, instead a full-fledged Union Budget.
If a government does not have the time to present a full budget, or when the general elections are around the corner, an interim budget is presented.
In other words, interim budget is stopgap arrangement, which allows the government to meet the country's financial needs until a new government takes office.
In the current scenario, a full Budget for the financial year 2024-25 is likely to be presented in July by the new government elected. The current government, which is at the end of its tenure, will present an interim budget for the coming three to four months.
The interim budget includes estimate of its expenditure, fiscal deficit and financial performance, revenue and projections for the upcoming financial year.
The ruling government cannot include any major scheme in the interim budget as it could influence the voters, as per the Election Commission's Code of Conduct. The government in power cannot also deliver the Economic Survey along with the interim budget.