Preparing the Union Budget
The Union Budget is an annual financial statement that outlines the government’s proposed expenditures and revenues for the upcoming fiscal year. The process of preparing the budget begins six months before its final presentation in Parliament. It involves revenue allocation by the Finance Ministry and dispute resolution by the Prime Minister or Union Cabinet. Ministries are issued circulars to prepare estimates, and consultations with Niti Aayog are initiated. The approved data is then forwarded to the finance ministry, where the Finance Minister engages with stakeholders, discusses proposals, and finalizes decisions with the Prime Minister. The Budget Session of Parliament usually commences on January 31, marked by the President’s address.
Frequently Asked Questions about Union Budget 2024
As we await the release of the Economic Survey and Interim Budget, here are answers to some frequently asked questions:
1. When will Parliament’s Budget Session start and end?
The Union Budget 2024 Session will commence on January 31 and conclude on February 9.
2. When is President Droupadi Murmu addressing both Houses during the Budget Session?
President Droupadi Murmu will inaugurate the budget session by addressing both Houses of Parliament assembled together.
3. When will Finance Minister Nirmala Sitharaman present the Interim Budget 2024?
FM Nirmala Sitharaman is expected to present the Interim Budget 2024-2025 in Parliament on February 1 at 11:00 a.m.
4. What is the Interim Budget?
An Interim Budget is a provisional financial plan managing expenditures for a brief duration until a new government assumes office. It addresses financial needs and revenues during this interim period until a comprehensive budget is presented.
5. When will the Economic Survey be presented in Parliament?
The Economic Survey for 2024-25 will be presented on January 31 ahead of the interim budget on February 1.
6. What is the Economic Survey?
The Economic Survey sums up the annual economic development in the country and highlights key challenges and their possible solutions.
7. When did the annual budget-making process start?
The Ministry of Finance initiated its annual budget-making exercise on September 4, 2023.
8. What is fiscal deficit?
Fiscal deficit is the difference between a government’s total revenue and total expenditure in a financial year, indicating the shortfall in governmental earnings compared with spending.
Hot Take: Union Budget 2024 Expectations
The upcoming Union Budget 2024 holds significant importance as it is an interim budget that will lay the foundation for the comprehensive budget to be presented later in the year by the newly elected government. It is eagerly awaited by businesses, investors, and citizens alike, as it will outline the government’s plans for expenditures and revenues in the coming fiscal year. The budget session of Parliament, commencing on January 31, will be a crucial event that sets the tone for India’s economic trajectory. Stay tuned for updates and analysis on the Union Budget 2024.
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