<h5>What is a budget?</h5><p>A budget helps the government decide how much to spend on things the country and its citizens need. The Union Budget is a comprehensive plan for how the Indian government will spend the money collected from taxes and other sources in the coming year.</p><p>The government uses this money to create roads, schools, hospitals, help farmers, etc. The Union Budget also assists the government in ensuring that it has adequate funds to perform its tasks while saving some for later. You can get more details about a budget <a target="_blank" rel="noopener noreferrer" href="https://www.newsahoot.com/articles/explained-what-is-the-budget">here</a>.</p><p>The Indian government prepares and presents a budget each year. The budget was presented recently, on 1st February 2024, by Finance Minister Nirmala Sitharaman. However, it was an interim budget.</p><h5>What is an interim budget?</h5><p>During the year, when the Lok Sabha election is scheduled, the government in power can’t present the full annual budget. So, the government’s finance minister presents an interim budget. This budget covers the government's expenses and revenues for a limited period, along with a few other schemes.</p><p>No significant changes are also announced in Interim budgets. Following the Lok Sabha elections, the elected government presents the full annual budget. While the interim budget is offered for a shorter period (often 2-4 months), it is technically valid for the entire year.</p><p>However, after the elected government submits the fully detailed annual budget, the interim budget is basically considered outdated. Two budgets will be presented with the Lok Sabha election scheduled this year. The interim budget has been presented, and the full annual budget will be presented later.</p><h5>When will the full annual budget be presented?</h5><p>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.</p>

The interim budget was presented recently, while the full annual budget will be presented after the Lok Sabha election.

A Year of Two Budgets

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A Year of Two Budgets

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