Key details about date, time, etc.

Finance Minister Nirmala Sitharaman is preparing to present the Union Budget 2024. This budget plan is always a temporary budget prepared ahead of the general elections in April and May. Moreover, the newly elected government is expected to present its comprehensive budget outline at the end of the year.

How is the Union Budget prepared?

The annual financial statements summarize the government’s proposed expenditures and revenues for the upcoming fiscal year, which begins on April 1 and ends on March 31 of the following year. It is also worth noting that this process begins six months before the final presentation to Congress.

This includes allocation of revenue by the Treasury and resolution of disputes by the Prime Minister or the Union Cabinet. Additionally, annual budget estimates start from August to September of the previous year. In the meantime, the ministries will issue circulars and initiate thorough consultations with Niti Aayog to prepare estimates. The approved data is then forwarded to the Ministry of Finance.

The Finance Minister communicates with stakeholders, discusses proposals and takes the final decision with the Prime Minister. The budget session of Parliament usually begins on January 31, with the President of India addressing a joint sitting of the Rajya Sabha and Lok Sabha. The budget document itself, on the other hand, will be presented in the Lok Sabha the next day.

Union Budget 2024: Frequently Asked Questions (FAQs)

Here are answers to frequently asked questions ahead of the long-awaited economic survey and interim budget announcement.

1. When does the National Assembly budget meeting start and end?

The 2024 Union Budget session is scheduled to begin on January 31 and conclude on February 9.

2. When will President Droupadi Murmu address both houses of parliament during the budget session?

President Droupadi Murmu is expected to open the budget session with a speech to both houses of parliament.

3. When will Finance Minister Nirmala Sitharaman present the Interim Budget 2024?

FM Nirmala Sitharaman will present the interim budget for 2024-2025 in Parliament on February 1 at 11 am.

4. What is your interim budget?

An interim budget is a temporary fiscal plan that manages spending for a short period of time (usually a few months) until a new government takes office. It addresses financial needs and revenues during this interim period until the new government submits its comprehensive budget in July.

5. When will the Economic Survey be presented to Parliament?

The 2024-25 economic survey will be released on January 31, ahead of the mid-year budget on February 1.

6. What is an economic survey?

The Economic Survey summarizes a country’s annual economic development. It also highlights key challenges and possible solutions. Chief Economic AdvisorDr. V Anantha Nageswaran is responsible for preparing the survey.

7. When did the annual budgeting process begin?

The Ministry of Finance began its annual budget preparation activities on September 4, 2023.

8. What is fiscal deficit?

The fiscal deficit is the difference between the government’s total revenues and total expenditures during a fiscal year. The resulting figures indicate a shortfall in government revenue relative to expenditure. Additionally, it is important to note that borrowings do not add to government revenue.

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