Budget 2024 FAQs: A quick and complete guide to understanding Budget 2024

Budget 2024 FAQs: Finance Minister Nirmala Sitharaman is all set to present an interim budget on February 1, with Lok Sabha elections scheduled for April-May. The new government will present a full budget for the fiscal year 2024-25 (Union Budget 2024) following the Lok Sabha elections.

The budget is expected to address a variety of financial indicators, including inflation, fiscal deficit, capital expenditure, revenue receipts, bad loans, and more.

FAQs for complete and quick understanding of Budget 2024

What is Union Budget? 

The Union Budget is the annual financial statement of the Government of India, presented in the Parliament by the Finance Minister. It outlines the government's revenue and expenditure plans for the upcoming fiscal year, which runs from April 1 to March 31.

What is Interim Budget? 

An interim budget is a temporary financial plan presented by the government during the transition period between two full-fledged budgets. It is typically presented in an election year when a new government is likely to take office after the elections. The purpose of an interim budget is to meet the government's expenditure needs until a new government can present a full budget.

Interim Budget 2024: Date and Time 

The Interim Budget for year 2024-25 will be presented on February 1, 2024 at 11:00 am. The Interim Budget is all set to be presented by Union Finance Minister Nirmala Sitharaman. 

How to watch Budget Live Telecast? 

The live telecast of Union Finance Minister Nirmala Sitharaman’s speech will be telecasted live on Sansad TV and Doordarshan. The live blog of Budget 2024 will also be streamed on PTC News. For all latest, breaking and news updates related to Budget 2024, follow PTC News Live Updates. 

Also Read: February Bank Holidays: Banks to remain shut for 11 days, check full list

Budget Session: Start and End Date 

The budget session of parliament will begin on January 31 and would conclude on February 9.
This will be last session of Parliament before Lok Sabha elections.

What is Halwa ceremony in Budget? 

The Halwa Ceremony is a traditional and symbolic pre-budgetary ritual that takes place in India, specifically before the presentation of the Union Budget. This ceremony marks the printing of the budget documents, and it involves the preparation and distribution of a special sweet dish, usually halwa (a type of sweet dessert). The ideology behind the Halwa Ceremony is to maintain the confidentiality of the budget details. This ensures that no information about the budget is leaked or disclosed before its official presentation.

How is Budget prepared? 

The budget preparation involves a meticulous process in which the government outlines its financial plan for the upcoming fiscal year. It begins with the collection of economic data, revenue projections, and expenditure estimates. Various ministries submit their budget proposals, and extensive consultations occur to align priorities. The finance ministry consolidates these inputs, and the finance minister reviews and finalizes the budget. The document is then printed after the symbolic Halwa Ceremony.

Also Read: Interim Budget 2024: Here are Key terms you should know ahead of announcement

How is Budget presented? 

The budget is presented annually in India by the Finance Minister on February 1 following approval from the President for presenting the same. 
The Finance Minister reads the budget speech, outlining the government's revenue and expenditure plans for the upcoming fiscal year. It covers various sectors, including health, education, and infrastructure. The budget aims to achieve economic growth, fiscal discipline, and address the country's financial priorities
Like the previous three full Union Budgets, Interim Union Budget 2024 will also be delivered in paperless form.