What is a budget?
A budget helps the government decide how much to spend on things the country and its citizens need. The Union Budget is a plan that allows the government to decide how much money to spend on essential things like roads, schools, hospitals, helping farmers, etc.
The government collects money from taxes and other sources. The budget helps the government ensure it has enough funds to do its job while saving some for later. You can get more details about a budget here.
The Indian government presents a budget every year. The budget was presented recently, on 1st February 2024, by Finance Minister Nirmala Sitharaman. However, it was an interim budget.
What is an interim budget?
When there's a Lok Sabha election happening, the government can't present the full annual budget. Instead, the finance minister presents an interim budget. This budget covers the government's expenses, revenues for a short time, and a few other schemes.
No major changes are also announced in Interim budgets. After the Lok Sabha elections, the elected government gives the complete yearly budget. However, once the elected government presents its fully detailed final budget, the interim one is considered outdated.
There will be two budgets this year because of the Lok Sabha election. The interim budget has already been shared; the full annual budget will come later.
When will the full annual budget be presented?
The full annual budget will be presented by the government that will win the Lok Sabha election. Chances are that it will be presented in July 2024.
