Budget 2023: On February 1, 2023, Union Finance Minister Nirmala Sitharaman will present the Union Budget for the financial year 2023-24., Will present The budget is a one-year blueprint of the income-expenditure of the government of any country, which includes the accounting of income for the whole year. This will be the last full budget from the central government before the Lok Sabha elections are to be held in the country next year in 2024. Interim budget from the government next year, will be presented.
Now the question arises that what is the difference between the general budget and the interim budget. When are both types of budgets presented, and what is their significance?
If we talk about the constitution, the word ‘budget’ is not directly mentioned anywhere in it, although ‘annual financial statement’ has been discussed in ‘article 112’ of the constitution. According to this, it is necessary for the government to give accounts of its income and expenditure every year. According to the constitution, the President has the right to present the budget, but the President can ask any minister to present the budget on his behalf. In India, the Finance Minister usually presents the budget.
As per tradition in India, the Interim Budget is presented in the years of general elections. The last time the interim budget was presented in the year 2019, and the interim budget will be presented in the next year 2024 as well. The central government presents the interim budget for a few months instead of the whole year. After the elections are over, the new government presents a full budget.
Difference between Union Budget and Interim Budget
Be it the general budget or the interim budget, in both the budgets, approval is taken from the Parliament for government expenditure. But as per convention, the general budget is separated from the interim budget. In the interim budget, the government normally does not take any policy decisions. The government is expected to take such policy decisions only after the formation of the new government, which will be effective in the country for a long time. For this reason, provisions are made in the general budget for tax exemption, income-expenditure for government schemes and other development projects for the country.
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