NEW DELHI: Now that Prime Minister Narendra Modi has announced his Cabinet for the third consecutive term, everyone is eagerly waiting for the Union Budget 2024. This will be the first union budget under Modi’s third term. The date and time of the budget will be announced after Parliament’s monsoon session schedule.
Finance Minister Nirmala Sitharaman started her second term on Wednesday. She is set to present the full union budget in July 2024. Where she” ‘ll share plans for the next five years & announce the important key policies. Additionally, Nirmala Sitharaman also focuses on creating jobs by manufacturing. Nirmala Sitharaman is the first and full-time female finance minister and she has already presented six budgets, including one interim budget for FY25. Finance Minister Sitharaman is set to make history by delivering seven budgets in a row.
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Interim Budget: The finance minister gave a temporary budget in February called the interim budget. This budget helps the government keep running until the new government comes in. It has money plans, government functions, funding, and important allocations but doesn’t usually make big new rules. This helps things stay the same until a new government starts after the elections.
Full Budget: After the general elections, the new government will share a full budget in July for the financial year. This budget will explain all their money plans, economic policies, revenue plans & expenditures for the entire financial year. This year, it is expected that the government will present its full budget in July 2024.
This dual budget helps and makes sure that the outgoing government does not make long-term commitments or changes in rules right before elections. This approach allows the incoming government to implement its financial strategies & policies. This is a normal way of doing things in India during election years, so the switch from old to new governments goes smoothly.
The government’s budget is valid until the end of the financial year on March 31, so the government can spend money until then and speeding rights only till that date. If there’s spending needed after March 1 but before the new government starts, the current government has to ask Parliament for permission to spend that money. That’s why they release the interim budget.
Employing the youth will be the biggest challenge for Central Government in the coming years. To employ the youth, the government can focus on improving the road transport, ports, railways, metro, monorail & airports in different cities. They can also provide development through various prioritized programs like Skill India & Startup India to promote development & employment.