Budget 2024: Why India has two budgets this year; Difference between provisional budget and full budget – When will Budget 2024 be released?

Budget 2024: Why India has two budgets this year; Difference between provisional budget and full budget – When will Budget 2024 be released?

The exact date of the 2024 budget is currently unknown. There is a discussion about whether there should be two budget sessions or just one. The administration will make a decision in the next few days, but could also decide to split the budget session into two sessions: a motion of thanks and a budget presentation in the second half.

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Two budgets in one year

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Two budgets in one year

At the beginning of February this year, Finance Minister Nirmala Sitharaman presented the budget. This happened, according to tradition, on February 1. This was the last budget of the BJP government, which came to power in 2019 without the support of its NDA allies. The February budget was short, with no economic report and no important decisions. This was a provisional budget.

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Why does India have two budgets in one year?

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Why does India have two budgets in one year?

India has two budgets this year as the incumbent government cannot present a comprehensive budget before the general elections. In election years, the finance minister proposes an interim budget to the incumbent government during a joint session of the Rajya Sabha and the Lok Sabha in Parliament. That is exactly what happened on February 1 when Sitharaman presented her interim budget.

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Provisional budget
The provisional budget is a financial statement that the government uses to finance its operations until a new government takes power. The provisional budget often avoids significant policy statements or changes, although it does include expenditures and significant allocations. Until a new government is formed after the election, this procedure guarantees the continuation of government operations and finances.

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Full budget
The newly elected government will present the overall budget for this financial year. This overall budget will contain the new government's revenue, expenditure and economic policy plans for the entire financial year. It shows the policies and objectives of the new government. Since Nirmala Sitharaman will remain in office as Finance Minister, she will present the budget.

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Sybil Alvarez

"Incurable gamer. Infuriatingly humble coffee specialist. Professional music advocate."

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