 "nirmala sitharaman, interim budget 2024, interim budget")
Finance Minister Nirmala Sitharaman is all set to announce her sixth Budget on February 1. As this is an election year, the finance minister will present an interim budget or a "vote-on-account". A full-fledged budget will be presented once the new cabinet is chosen after the Lok Sabha elections in 2024.
What is an interim budget?
An interim budget is a financial statement presented by the government in an election year or during a transitional period when a full budget isn't feasible. It is a temporary budget to address the government's expenditure until a new government is elected and presents a complete budget.
Typically, it seeks approvals for the expenditure till the end of a government's tenure.
What is the difference between an interim budget and a regular budget?
An interim budget is usually presented by the outgoing government, focusing on essential expenditures and policy continuity. It typically doesn't introduce major policy changes or new schemes, as it is considered a caretaker budget.
On the other hand, a regular budget is a comprehensive financial plan presented annually, outlining the government's revenue, expenditure, and policy initiatives for the upcoming fiscal year.
What is 'halwa ceremony'?
To mark the final stage for preparation of the Interim Budget 2024, FM Sitharaman earlier this month participated in the "halwa" ceremony. It is a unique prelude to the Budget, symbolising the commencement of the budget-making process.
It is organised every year in the basement of North Block, which houses the ministry in the national capital and is attended by the finance minister and other high-ranking officials.
What is the significance of the 'halwa ceremony'?
After the preparation and distribution of halwa to the entire staff involved in the budget-making process, these officials and support staff are required to stay in the North Block until the Budget is presented in Parliament. It is officially the start of the "lock-in" period of the Budget.
This is done particularly to maintain the confidentiality of budget-related information and prevent any leaks before the official presentation.
Interim Budget 2024: Date and time
Budget 2024, which will be an Interim Budget, will be presented in the Parliament on February 1 at 11 am.
Interim Budget: Where to watch
The live broadcast of FM Sitharaman's budget speech on February 1 can be seen on DD News. It will also be streamed on Business Standard's website. For news and insights on the Budget 2024, you can follow the comprehensive coverage here.
