Union Budget 2024 FAQs: All eyes are on the upcoming Budget. This will be the first one presented by Modi 3.0 Cabinet after being sworn to power in June. Financial Express Online learns that the tentative dates for tabling the Budget could be around July 23-24 during the Monsoon Session, that’s kick starting on July 22.

Let’s take this opportunity to understand, in detail, about this crucial financial document and why it attracts this kind of interest and importance. 

What is a Budget?

The Budget is a detailed plan outlining the government’s projected income and expenditure for the fiscal year, running from April 1 of one year to March 31 of the following year. This financial plan is essential for setting the nation’s economic priorities and allocating resources and funds.

After the budget speech by the Finance Minister is delivered in the Lok Sabha, the documents are then published on the official website. This ensures quick and widespread access to vital financial information that are crucial for running the country effectively.

Here are some Frequently Asked Questions (FAQs) about Budget

What is the Budget 2024?

Budget 2024 is a detailed plan outlining the government’s projected income and expenditure for the given fiscal year. The fiscal year runs from April 1 to March 31 and involves parts of two Calendar years. This sets the nation’s economic priorities and helps Government plan out projects and make funding allocation. The Interim Budget was presented on February1 as unlike this year, the February Budget was more of a vote on account to take care of Government’s expenses till a new Government comes to power. 

When will FM Nirmala Sitharaman present the Budget 2024?

Union Finance Minister Nirmala Sitharaman will present the full Budget for FY25 or financial year 2024-2025 in the latter half of July. There hasn’t been any announcement of the exact date and time yet. All eyes are on an official announcement soon.

What is the difference between a Full Budget and an Interim Budget?

An interim budget is a temporary financial plan intended to cover expenditures for a short period, typically until a new government takes office. This is why the Interim Budget is also called the Vote On Account. As the fiscal year ends on March 31 and a new government came to power in early June, the interim budget bridged the gap, ensuring smooth financial operations during this transition. With the new government now in place, a comprehensive budget for the remainder of the fiscal year will be introduced in July.

What are the main priorities of Budget 2024?

Budget 2024 is expected to primarily focus on welfare and continuing with the reforms agenda. Several key priorities such as tackling agricultural issues, creating jobs, maintaining capital expenditure and boosting revenue growth to ensure fiscal consolidation. The expectation is that popular schemes might be extended and there would be more allocation for Capex given the windfall dividend payout by RBI.

How can I view the Budget 2024 speech and related documents?

Budget 2024 speech and related documents are readily available on the official website – indiabudget.gov.in – after the finance minister finishes the budget speech. It offers user friendly features like ‘Budget at a Glance’, deficit statistics and  outlays for major schemes.

What support measures are included for households?

The Finance Minister Nirmala Sitharaman, in her Interim Budget speech, announced that the focus of the 2024 Interim Budget would be on “Viksit Bharat.” She had said that the welfare and aspirations of the main pillars of the society including poor, women, youth, and farmers are expected to be in focus. She reaffirmed that the country’s objective is to strive towards Atmanirbhar Bharat. 

How is Budget 2024 supporting businesses?

In the Interim Budget 2024, several significant changes were implemented. The threshold for professionals eligible for presumptive taxation was raised, corporate tax rates were reduced, capital expenditure (Capex) target of Rs 11.1 lakh crore was set. Additionally in the upcoming Budget there are expectation of further allocation towards Capex.

What steps are being taken to ensure fiscal sustainability?

Budget 2024 focuses on enhancing India’s long-term economic growth through strategic fiscal reforms. It features a substantial increase in capital expenditure to Rs 11.1 lakh crore, targeting 3.4% of GDP, to drive economic development and generate employment opportunities. The budget maintains fiscal prudence with a deficit of 5.1% of GDP. It also highlights India’s attractiveness as an investment destination with foreign direct investment, totaling $596 billion over the past decade and promotes innovation and industrial growth through initiatives like the PLI scheme. Environmental sustainability is a priority with investments in green technologies and renewable energy. The budget addresses challenges like skill gaps and equitable growth, laying a foundation for India’s development aspirations toward becoming a developed nation by 2047.