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Govt Going To Present Interim Budget This Year; What It Is? How Is It Different From Full Budget? Check | Economy News

Byusanewscart.com

Jan 6, 2024
Govt Going To Present Interim Budget This Year; What It Is? How Is It Different From Full Budget? Check | Economy News

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New Delhi: As we gear up for Finance Minister Nirmala Sitharaman’s big presentation on February 1, there’s a twist this time — it’s an election year! Instead of a full-fledged budget, we’re in for an interim budget. What’s that, you ask? Well, let’s break it down.

Why The Interim Budget?

Since it’s election time, the government won’t give us the whole budget deal just yet. They’re going for an interim budget, a shorter version that manages money matters until the new government steps in after the April-May elections. (Also Read: Why Will Budget 2024 Be Presented On February 1 At 11 a.m.? Check History And Reasons)

Constraints And Rules

But wait, there are rules! The Election Commission sets some strict limits on the interim budget. They don’t want the government making major changes that could sway voters. So, no game-changing policies during this interim show. (Also Read: Moto G34 5G India Launch: Check Expected Price, Specifications, And More)

What’s Inside The Interim Budget?

In this special budget, the government gives us a report card on what they did with money last year. They also spill the beans on what they plan to spend in the coming months until the new gang takes over. But here’s the catch: they can’t talk about making more money through taxes in this interim budget.

Vote On Account

Now, here comes the interesting part which is the “Vote on Account.” It’s like giving the government permission to dip into their piggy bank, the Consolidated Fund of India, for short-term expenses. No deep dives into the fund without Parliament’s approval, though!

Interim Budget vs. Vote On Account

In the interim budget, we get the whole package i.e. both money coming in and going out. But the “Vote on Account” is a bit simpler; it’s just about what the government plans to spend.

And here’s the scoop: Parliament needs to chat about and give a nod to the interim budget, but the “Vote on Account” can sneak through without much fuss.

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