Union Finance Minister to Present Interim Budget for Fiscal Year 2024-25

Based on the latest updates from our trusted source here at Reader Wall, Union finance minister Nirmala Sitharaman is expected to present the interim budget for the fiscal year 2024-25 on February 1. The comprehensive budget for the same fiscal schedule, however, will be disclosed after the 2024 general elections form the new government.

Finance Minister to Unveil Vote On Account Before Elections

In her imminent sixth union budget presentation to be carried out on February 1, FM Sitharaman reassured that it would predominantly be a “vote on account” preceding the general elections, therefore it’s improbable to have any major announcements. The public has been advised to wait for the new government’s presentation of the extensive budget in July 2024.

Understanding the Union Budget: An Overview

The union budget acts as an annual fiscal declaration from the central government. It offers an outline of the anticipated government’s expenditures and revenues for the futuristic financial year. The union finance minister usually presents it to the Parliament, and it will cover the upcoming financial year, the period from April 1 to March 31 of the next year. This document outlines fiscal policies, outlines proposed expenditures and revenues, liabilities, and welfare schemes. Lastly, it serves as a key planning and policy-making tool for the government’s financial activities.

LIVE Updates: Anticipated Developments on the 2024 Budget

• The Centre is anticipated to present a report on the National Pension Scheme and propose new rules during the budget session.
• In anticipation of the upcoming 2024-25 interim budget, the government is committed to maintain policy continuity and fiscal consolidation.
• The fiscal deficit target for FY24, according to Bank of Baroda economist Sonal Badhan, is expected to be achieved at 5.9 per cent, with potential risks from lower-than-anticipated nominal GDP growth and higher expenditure.
• The Budget session of the Delhi Assembly is announced to be held from February 15 to 20.
• The government has decided to reduce the amount of equity infusion in state-owned fuel retailers to ₹15,000 crore, with the finance minister revealing this news while presenting the annual Budget for 2023-24 fiscal year.
• It seems the government may make the National Pension System more attractive by introducing tax benefits specifically for senior citizens above 75 years.
• No significant tax announcements are expected during the presentation of the interim budget on February 1, as stated by Finance minister Nirmala Sitharaman.
• The Budget 2024 session is scheduled to commence on January 31, with the interim budget presentation due on February 1.
• Nirmala Sitharaman is poised for a historic sixth consecutive Budget presentation, a feat previously achieved only by former Prime Minister Morarji Desai.

Stay tuned for more updates on the interim budget 2024 here on Reader Wall.