Budget 2024: Finance Minister Nirmala Sitharaman is set to unveil the Budget on July 23, targeting the fiscal year ending March 2025. This budget holds special importance as it marks the first under the Bharatiya Janata Party’s new coalition government. Key allies like the Telugu Desam Party and Janata Dal (United) are likely to push for state-specific benefits, focusing on Andhra Pradesh and Bihar.
The BJP faces a delicate balancing act, navigating between fiscal responsibility, coalition interests, and upcoming state elections.
Budget 2024
Finance Minister Nirmala Sitharaman is set to present the Union Budget on July 23, marking her seventh consecutive budget speech, surpassing Morarji Desai’s record. Earlier this year, she also delivered the interim budget on February 1, 2024.
Also Check: Interim Budget 2024 Highlights
Budget 2024 Date and Time
The Budget session is scheduled from July 22 to August 12, with Finance Minister Nirmala Sitharaman slated to present the Union Budget 2024 on July 23.
| Budget 2024 Date and Time | |
|---|---|
| Event | Details |
| Union Budget Date | Tuesday, July 23, 2024 |
| Union Budget Timing | Begins at 11:00 AM (IST) |
Where to Watch Union Budget Speech?
The Union Budget 2024 will be broadcast live on multiple platforms, making it accessible to all. Here are the places where you can watch it live:
| Union Budget Live Streaming 2024 | |
|---|---|
| PLATFORM | COVERAGE |
| Ministry of Finance Website | Official website www.finmin.nic.in |
| Sansad TV | Broadcast on television |
| Doordarshan | Broadcast on television |
| YouTube | Official channels of Sansad TV and Doordarshan |
Why India has Two Budgets in 2024?
This year, India has two budgets due to recent general elections. The Interim Budget, presented before the elections, provided temporary government funding until the new administration took office. The upcoming Full Budget, to be presented by the newly elected government, will outline detailed financial plans for the fiscal year, including revenue, spending, and economic policies.
The Interim Budget covered essential expenses temporarily, awaiting the new government. In contrast, the Full Budget is a comprehensive financial blueprint detailing the government’s annual vision. It includes allocations for sectors, tax proposals, and initiatives aimed at fostering economic growth.
What to Expect in Budget 2024?
The following are the points to watch in the Budget 2024 announcement:
- Fiscal Deficit Target: Despite political pressures, the government aims to maintain a fiscal deficit target of 5.1% of the GDP. This goal ensures that government spending does not exceed its income by more than this percentage.
- Tax Cuts: There may be positive news for individuals with potential tax cuts, which could increase disposable income, especially for lower-income earners.
- Support for Farmers: Anticipated increases in the annual cash payment for small farmers from Rs 6,000 to Rs 8,000 aim to enhance financial support.
- Pressure from Allies: With reliance on TDP and JD(U) after recent elections, there is pressure on the government to allocate more budget resources to Andhra Pradesh and Bihar.
Difference Between Interim and Annual Budget
The Interim Budget is a temporary financial plan introduced by the current government before elections. It focuses solely on government spending and can be approved without extensive debate. This budget allows the government to access funds from the Consolidated Fund of India to cover its expenses until a new government takes office.
Typically, the Interim Budget does not introduce significant policy changes or alterations to tax laws.
In contrast, the Full Budget is a comprehensive financial blueprint presented by the incoming government after elections. It outlines both income and expenditure details along with policy specifics and undergoes thorough scrutiny and discussion in Parliament.
The Full Budget requires parliamentary approval and remains effective until the end of the fiscal year on March 31. It incorporates new policies, programs, and reforms designed to foster long-term economic growth and advancement.
Also Read: Budget 2024, Benefits Expected for Both Old and New Income Tax Regimes
Budget 2024 FAQs
Q.1. What is the Union Budget 2024 date?
Ans. The Union Budget will be presented on July 23, 2024.
Q.2. Where can I watch the Union Budget live?
Ans. You can watch it live on the Ministry of Finance website, Sansad TV, Doordarshan, and official YouTube channels.
Q.3. Why does India have two budgets in 2024?
Ans. India had an Interim Budget before elections and now prepares for the Full Budget under the newly elected government.
Q.4. What can we expect in Budget 2024?
Ans. Expectations include fiscal deficit targets, potential tax cuts, and increased support for farmers.
Q.5. What is the difference between Interim and Full Budget?
Ans. The Interim Budget is temporary, focusing on essential expenses, while the Full Budget outlines comprehensive financial plans and policy changes.
