Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024 on February 1 at 11 am, marking a critical milestone in India’s financial landscape. This interim financial plan is designed to outline the government’s budgetary allocations until the new administration takes charge.
Officials involved in crafting the interim budget are currently observing strict confidentiality measures during the ‘lock-in’ period, which began with the traditional ‘halwa’ ceremony on January 24. The comprehensive budget for the fiscal year 2024-2025 is anticipated in July, regardless of the new or re-elected government, making this interim budget significant for the second term of the Narendra Modi government.
Understanding the concept of the interim budget is crucial—it serves as a short-term financial plan to fund government spending until elections are held and a new government assumes power.
The interim budget ensures the smooth continuation of essential government functions until the new administration takes office, covering critical expenses such as ongoing government activities and salaries.
Scheduled for presentation at 11 am on February 1, the Interim Budget 2024-2025 will adhere to the Election Commission’s Code of Conduct, preventing the introduction of major schemes that could influence voters. While major tax proposals may not be introduced, the government might incorporate populist measures to gain voter support.
This short session, between January 31 and February 9, will include President Droupadi Murmu’s address to a joint sitting of both Houses. The government has assured floor leaders of various parties that it is ready to discuss every issue during this interim budget session of Parliament.
The new government will subsequently present the full-fledged budget, making this session the last of the present Lok Sabha before parliamentary elections are announced.
