Reuters
As the anticipation builds for the Union Budget 2024, understanding the intricacies of the annual financial process becomes crucial. Finance Minister Nirmala Sitharaman is set to present the budget on February 1, 2024, with a unique twist—it's an interim budget due to the ongoing election year. This article serves as a primer, providing insights into key terms, the focus areas of Budget 2024, and common questions surrounding this significant financial event.
The Union Budget is traditionally presented on February 1 each year. This practice was initiated by former Finance Minister Arun Jaitley in 2017, moving away from the previous practice of presenting it on the last day of February.
An interim budget in an election year often leans towards populist spending. However, Prime Minister Narendra Modi is expected to defy this trend. Insights suggest a focus on infrastructure to sustain economic growth while addressing budgetary concerns.
Finance Minister Nirmala Sitharaman's budget presentation will be telecast live on Finance Ministry X handle and MP Gov YouTube page. Real-time updates can be found on a live blog on TopIndianNews. The Union Finance Ministry also maintains a dedicated website for the Budget, providing links to previous speeches and government measures.
Similar to this year, the last interim budget was presented in 2019 by then Finance Minister Piyush Goyal. Notable announcements included the Pradhan Mantri Kisan Samman Nidhi scheme and changes in income tax for individual taxpayers.
The Ministry of Finance @FinMinIndia releases The Indian Economy - A Review.
— Ministry of Finance (@FinMinIndia) January 29, 2024
The Review consists of two chapters and takes stock of the state of the Indian economy and its journey in the last 10 years and offers a brief sketch of the outlook for the economy in the coming years.… pic.twitter.com/0RDPiW3f5h
This year, the government will not present the Economic Survey alongside the budget. Instead, a report titled 'Indian Economy: A Review' has been released, offering insights into the country's economic journey over the past decade.
As part of the ‘Ease of Doing Business #EoDB and #DigitalIndia eco-system’, E-bill system is bringing in broader transparency and expediting the process of payments with transparency, efficiency and faceless-paperless payment system.#PromisesDelivered pic.twitter.com/MDWAJd9fgQ
— Ministry of Finance (@FinMinIndia) January 30, 2024
Annual Financial Statement: A document presented to Parliament every fiscal year, divided into Consolidated Fund, Contingency Fund, and Public Account, as required under Article 112 of the Constitution of India.
Economic Survey: Unveiled a day before the Union Budget, providing an overview of economic performance and key macroeconomic indicators.
Tax Regime: Defines tax slabs and rates for individuals. The New Tax Regime, introduced in 2020, offers simplified income tax options.
Money Bill: Specifically deals with matters related to taxes, revenues, and government expenditure, and can only be presented in the Lok Sabha.
Finance Bill: A key budget document containing details of government revenue, expenditures, and allocations for a financial year.
Fiscal Deficit: The difference between the government's total expenditure and revenue receipts in a financial year.
Gross Domestic Product (GDP): A crucial macroeconomic indicator representing the total value of goods and services produced domestically in a country within a specific period.
Budget Estimates: Estimated funds allocated to various ministries, departments, sectors, and schemes of the central government.
Capital Expenditure: Includes funds allocated for developmental projects, acquisition, or depreciation of machinery and assets linked with economic development.
As the Union Budget 2024 approaches, this comprehensive guide aims to equip you with the knowledge needed to navigate this significant financial event. Stay tuned for real-time updates and analysis to make the most of this annual economic roadmap.
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