Union Budget 2024 LIVE: Union finance minister Nirmala Sitharaman is set to present the interim budget for the fiscal year 2024-25 on February 1. The complete budget for the same fiscal year will be introduced after the formation of the new government following the 2024 general elections.

Nirmala Sitharaman, union minister for finance and corporate affairs along with the ministers of state for finance, Pankaj Chaudhary and Dr. Bhagwat Kishanrao Karad and the senior officials arrived at Parliament ahead of presenting the Union Budget 2023-24 in New Delhi, India. (Hindustan Times)

In her sixth union budget presentation on February 1, Sitharaman said that it would primarily be a “vote on account” before the general elections, ruling out any spectacular announcements. She added that such interim budgets do not involve spectacular announcements, and the public would need to await the new government’s presentation of the comprehensive budget in July 2024.

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What is the union budget? All you need to know

• A union budget is the central government’s annual financial statement.

• It outlines the government’s proposed expenditures and revenues for the upcoming fiscal year.

• The union finance minister presents it in Parliament.

• It covers the next financial year- the period from April 1 to March 31 of the following year.

• Serves as a comprehensive document outlining the government’s economic and fiscal policies for the next fiscal year.

• Includes details about proposed expenditures, revenues, liabilities, and welfare schemes.

• It is a crucial tool for financial planning and policy-making.

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