On February 1, 2024, The Finance Minister of India, Nirmala Sithraman, will present the union budget.

This is an interim budget, not the full one. This is because of the election year.

The presentation of the union budget holds particular importance.

On the day of the presentation, the spotlight is always on the finance minister. Where he/she addresses the financial sector, development, infrastructure, and green growth. The budget is for the coming fiscal year, which runs from April 1 to March 31 of next year.

What is an Interim Budget?

The Government presents the interim budget to parliament. It is in case general elections are near. Or does not have time to present the whole.

If elections are near, then the new government will have the right to frame the full budget. Thus, it is an interim budget for 2024.

Presentation of Budget

The Finance Minister will present it on February 1, 2024, at 11:00 a.m.

One can even view the live presentation on various platforms.

• Door Darshan and SanSad TV. These channels offer live telecasts. You can also get updates from these YouTube channels.
• The Press Information Bureau (PIB) also shows it online. 
• Not only this, but many other news or YouTube channels also telecast it live.

Why is the Budget presented on February 1st every year?

From the beginning, the government presents the budget on February 28th of every year. But this custom changed in the year 2017. When Arun Jaitley was the Finance Minister of India.

The government changed this date because, by doing this, it gets more time to prepare new policies. These policies are for the coming financial years, which begin on April 1.

But the old practice of announcing the budget on the last day of February reduces the time between this. Thus, it delays the whole process.

So, the government changed it.

Even the time of the announcement changed. In older times, the Finance Minister announced it at 5 p.m.

But the timing changed to 11 am in 1999 by then finance minister Yashwant Sinha. So, there can be a proper debate after announcements.

Unique Features of the Union Budget 2024

1. Union Finance Minister Nirmala Sitharaman will not issue any major announcements. While presenting the Union Budget 2024 on February 1. Because this is the year of the Lok Sabha elections.
2. The next government will present the complete budget after the elections.
3. Details of some sectors are in a specific budget. Such as spending, revenue, and the financial deficit.
4. The working middle class will enjoy rebates and changes in tax forms. 

Focus Sectors of Budget 2024-2025

The following sectors will be included in the Union Budget 2024–2025:

Social Welfare

There will be extra investment in various schemes. For instance, MGNREGA, meal safety packages, and pensions for normal groups. Thus, the Government could meet the earning needs of the people.

Agriculture

The government will divide funds for the agriculture process. There will be investment in farmer welfare programs. For example, PM Kisan Samman Nidhi and PM Fasal Bima Yojama.

Infrastructure

In this evolving era, it is important to pay attention to infrastructure. So, the government will also maintain investment in improvement. The main areas are railways, renewable electricity, and roads.

Education and Healthcare

Both are key sectors where the government should keep its funds. So, there will also be funding for existing schooling and healthcare.

Thus, these are the focus areas and features that will be within this year’s budget. Clean and green technologies and the surrounding ecosystem are likely to remain in focus.

Defence exports may also receive a push.

 Yet, there can be variation in investment. So, the government will allocate funds for all the sectors to increase its economy.

Author: mayank