The Union Budget 2024 to be presented on 1 February 2024 will be an interim budget. This budget has special significance because of Lok Sabha elections this year. This will not be the full budget for the financial year 2024-25, although the interim budget also provides an important glimpse of the government’s priorities and spending plans. In this budget, the government’s focus will be on financial stability, infrastructure investment, inclusive growth, green and sustainable development and strategic tax adjustment measures. According to Article 112 of the Constitution of India, the Union Budget of a financial year refers to the annual financial statement of the Government of the Union and provides details about the estimated receipts and expenditure of the government for that particular financial year. In brief, the National Budget of India provides an accounting statement of the finances of the Government of India for the financial year. Once the Finance Bill and the Appropriation Bill are passed by both the Houses of Parliament, they are presented to the President of India for approval.
