With the Lok Sabha elections behind us, all eyes are now set on the Union Budget 2024, a crucial document that will set the course for India’s economic growth in the coming year. Finance Minister Nirmala Sitharaman announced an interim budget on February 1, 2024, due to the April and May Lok Sabha elections. 

However, the major event anticipated this year is the Union Budget. In this blog post, we will look at the most recent budget 2024 revisions, including dates and times.

Union Budget 2024: Date & Timings

The Union Budget for fiscal year 2024-25 will be delivered by Finance Minister Nirmala Sitharaman on July 23rd at 11:00 AM IST,  as mentioned by Kiren Rijiju, Minister of Parliamentary Affairs, on the social networking site X. The budget will be presented in the Lok Sabha. The Parliament’s Budget Session spans from July 22nd to August 12th.

This will be the first budget delivered by Prime Minister Narendra Modi’s coalition administration in its third term, and there is tremendous anticipation after President Droupadi Murmu stated that it will include numerous historic moves.

The Economic Survey, providing a crucial precursor to the Budget, will also be released on July 22nd. The Budget 2024, themed “Viksit Bharat Budget 2024,” reflects Prime Minister Modi 3.0 and the vision of a developed India by 2047.

What is Viksit Bharat?

The name ‘Viksit Bharat’ translates to ‘Developed India’. Viksit Bharat 2047 is the government’s plan to turn the nation into a developed state by the year 2047 when it celebrates its 100th anniversary of independence. Viksit Bharat focuses on four pillars: Kisan (Farmers), Mahila (Women), Garib (Poor), and Yuva (Youth).

Viksit Bharat’s objective is to create a prosperous India where people from all regions can reach their full potential while living in harmony with the environment and modern infrastructure.

Where Can I Watch Budget 2024 Live?

Catch the Budget 2024 presentation live! You can watch it on several channels, including:

  • Sansad TV (both broadcast and on their YouTube channel)
  • Doordarshan (both broadcast and on their YouTube channel)
  • Ministry of Finance Website (live stream)

Where are the Documents for the Budget 2024 Available?

The official website of the Union government, www.indiabudget.gov.in, will offer digital access to the budget documents. The budget documents will be readily accessible in Hindi and English. According to the Constitution, the web portal would include finance bills, grant requests, and financial statements.

What are the Key Focus of Budget 2024?

The Union budget 2024 is anticipated to place a greater emphasis on stabilising inflation and promoting economic growth in the areas of infrastructure, education, healthcare, and agriculture.

Conclusion

The Budget 2024 is crucial for understanding India’s economic future. Mark your calendars and stay tuned for the event that will shape it! 

FAQs

What is the Union Budget?

It’s like a financial roadmap for the Indian government for each year. Also known as the annual financial statement, it outlines how much money the government expects to bring in (receipts) and how much it plans to spend (expenditures) over the next 12 months.

What is the difference between a full budget and an interim budget?

While a full budget maps out the government’s finances for a whole year, an interim budget acts as a temporary bridge until a new government takes the reins. It’s essentially a short-term financial plan that prioritizes essential expenses and keeps existing programs running smoothly. This explains why significant policy shifts or tax adjustments are typically not included in an interim budget.

What is the difference between a Vote on Account and an Interim Budget? 

Think of a Vote on Account as a temporary allowance. The government asks Parliament for money to cover essential expenses, like salaries and ongoing projects, for a few months (usually 2-4) until a full budget is passed.

An Interim Budget, on the other hand, is like a mini-budget presented before elections. It covers both income and spending plans for a short period, typically until a new government takes over.