Every year on the first day of February, the Finance Minister presents the Union Budget to the Parliament. But what exactly does a ‘Union Budget’ mean? A Union Budget is referred to as the Annual Financial Statement as per Article 112 of the Indian Constitution. It is prepared by the Ministry of Finance for the upcoming financial year. A Union Budget presents the estimated revenues as compiled by the Department of Revenue and estimated expenses as compiled by the Department of Expenditure.
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The Union Budget is broadcasted live from Sansad Bhawan on DD National, DD News, and Sansad TV. It is presented live without any interruption from 11 A.M. followed by an expert report evaluating the impact of the Budget on every sector. Moreover, the additional budget documents and materials are made available to all over the Government’s website and Union Budget Mobile App.
This article talks about the upcoming Budget 2024. This article discusses the upcoming Budget 2024. Let’s take a deep dive into the article to see what Budget 2024 has in store for everyone.
Budget 2024: An Introduction
The Honorable Finance Minister Nirmala Sitharaman will present an Interim Budget for 2024 on February 1, 2024. Every year, a Full Budget is presented in the Lok Sabha for the upcoming Financial Year. However, 2024 being the year of General Elections, the Full Budget is expected to be presented post elections around July. The Interim Budget which is announced just before the elections, gets the most attention because it decides the poll priorities. This article will provide a glimpse of the upcoming Budget 2024.
Difference between Interim Budget and Full Budget
Usually during the election year, the existing Government presents the Interim Budget unlike a normal Full Budget. The Interim Budget is different from the Full Budget in the following ways:
Expectations from Budget 2024
What is your wishlist from Budget 2024? Check to see if your wishlist matches any of the following Budget 2024 expectations:
Policy and Economy:
To enhance the participation of Private Sectors in Infrastructure development.
To expand the investment in the infrastructure of energy, keeping a focus on green and sustainable energy.
Agriculture: To increase digitization in the agriculture sector and strengthen the value chain activity of food processing.
Consumer Industry: To pay royalty to Indian companies for using technological know-how and capabilities in the manufacturing and distribution of technological products and services from foreign service providers. Moreover, to support the retail sectors and implement measures to control inflation and increase consumption.
Education: To simplify the process of obtaining loans in foreign currencies and expedite the clearance process for receiving donations and grants in foreign currencies.
Financial Services and Financial Inclusion: To allow foreign education institutions based in GIFT City to accept student fees in In