As the country awaits Finance Minister Nirmala Sitharaman's sixth Union Budget, scheduled to be unveiled in the Parliament on February 1, 2024, expectations are rife that the annual event may spell good news for India Inc, the economy as a whole as well as the common man.
The Finance Minister has already dashed nascent hopes of big announcements in Budget 2024 given that it will be the last Union Budget of the Narendra Modi government before the country goes into 2024 Lok Sabha elections. There will be "no spectacular announcements" in the Vote on Account, the Finance Minister has said.
“It is a matter of truth that the February 1, 2024 Budget that will be announced will just be a vote-on-account because we are in an election mode and election happens during the coming summer... So the Budget that the government presents would just be a Budget to meet the expenditure of the government till a new government comes to play," she said at an event.
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"You may have to wait till after the new government comes in. In July 2024, there will be the next full Budget. So things have to wait till then,” the Finance Minister said.
An interim Budget is a Budget that a government presents just to be able to meet its expenditure in the general election year. When the new government is formed, it presents a new budget.
Before the big day on February 1, 2024, here is a glance at the whole math of where India earns its money from.
Union Budget 2022-23 details the source of every rupee it earns as follows:
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