Indian Budget 2024-25 Date and Time, See Expectations, Amount And much more

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Indian Budget 2024-25 Date and Time Analysis: One of the most anticipated events in the Indian economic calendar is the Union Budget 2024–2025, which will set the tone for the fiscal policies and reforms of the incoming government. Finance Minister Nirmala Sitharaman is scheduled to present the budget to the Lok Sabha on February 1, 2024, at 11:00 a.m. This budget is intended to be temporary.

Interim Budget 2024-25 India Date and Time Overview

EventDateTime
Halwa CeremonyJanuary 24, 2024N/A
Budget Session Start DateJanuary 31, 2024N/A
Presentation of the Interim Budget by the Finance MinisterFebruary 1, 202411 am
Budget Session End DateFebruary 9, 2024N/A
Start of the new fiscal yearApril 1, 2024N/A
Expected time frame for the new government to present the full budgetMay-June 2024N/A

After the Lok Sabha elections in 2024, the government will use the Interim Budget 2024 as a temporary financial plan until a new administration is in place.

Interim Budget 2024 Date and Time

On February 1, 2024, at 11:00 a.m., in the Parliament, Finance Minister Nirmala Sitharaman will present the Interim Budget 2024–2025. The government will use this budget as a temporary measure until the general elections are over and a new administration assumes power. Since the Interim Budget is meant to be a caretaker budget, no significant policy changes or new initiatives will be implemented. The official Parliament channel or the Times of India website are the places where you can view FM Sitharaman’s live speech. Additionally, the Union Budget Web Portal and the Union Budget Mobile App provide access to the budget documents.

Interim Budget 2024 Expectations

Expectations for the 2024 budget vary depending on the industry and social group. The following are some recurring themes:

  • Income tax relief: A lot of people, particularly those in the middle and lower income brackets, are hoping for a little break in the income tax slabs. Increasing the number of deductions and exemptions under the new income tax system is another recommendation made by some experts to make it more appealing.
  • Infrastructure and capital expenditure spending: The government is anticipated to maintain its emphasis on the development of infrastructure, with a focus on roads and railroads in particular. The budget might propose a small increase in capital spending for the upcoming fiscal year of Rs 1.5–2 lakh crore.
  • Education and skill development: Promoting industry-acacademic cooperation and matching capital expenditures with human resource investments are priorities for the education sector. In order to achieve the objectives of the National Education Policy 2020, additional funding may also be included in the budget.
  • Social welfare and healthcare: Given the COVID-19 pandemic and its aftermath, the budget may allocate more funds for these programs. The budget might also include announcements about initiatives to strengthen the rural economy, like increasing funding for PM KISAN, MGNREGA, and PMAY.

FAQs

When is the presentation date of the interim budget?

On February 1, 2024, at 11:00 AM, Finance Minister Sitharaman is expected to present the Interim Budget 2024–2025.

What is the start and end date of the budget session?

Parliament’s Budget Session is scheduled to start the last week of January and end in April.

What time will President Murmu address the legislature?

On the first day of the Budget Session, President Droupadi Murmu will address both Houses of Parliament.

How is the Economic Survey going to be handled?

A brief document outlining the current status of the Indian economy will be presented prior to the interim budget, in place of the customary comprehensive report.

An “Interim Budget”—what is it?

An interim budget is a temporary financial plan for a few months until a new government is formed. It controls spending until July, when the new government presents a complete budget.

When did the process of creating a budget start?

On September 4, 2023, the Ministry of Finance began work on the budget.

What does “fiscal deficit” mean?

The difference between a government’s annual revenue and expenses is known as the fiscal deficit. It shows the difference between its earnings and expenses.

For more information on Budget 2024 and its effects on the Indian economy, keep checking back!

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