Budget 2024: Finance Minister Nirmala Sitharaman presented the general budget in Parliament on Tuesday. This was the first budget of Modi government 3.0. At the same time, this was the seventh budget of Nirmala Sitharaman. This was a full budget presented for the financial year 2024-25. We know that the financial year runs from 1 April to 31 March. The annual budget is for this period only. Usually the Union Budget is presented on the first working day of the month of February and it comes into effect from 1 April. Now you must be wondering when this annual budget presented today on 23 July will come into effect? Let’s understand.
The budget goes through the legislative process
The Union Budget is prepared by the Department of Economic Affairs (DEA) of the Ministry of Finance and presented by the Finance Minister. It outlines the estimated expenditure and income of the government for the coming financial year. After being presented, the budget goes through the legislative process, in which the Appropriation Bill and the Finance Bill are passed in Parliament. Both these bills require the approval of both the Houses of Parliament and the President to become law. After this, they come into force with the beginning of the financial year.
Interim budget comes at the time of elections
In the year when the Lok Sabha elections are to be held, there is a provision to bring an interim budget before the elections and later a full budget by the new government. This time the interim budget was presented in February because the elections were to be held from April to May. Through the interim budget, permission for expenditure for the remaining months till the possible time of formation of the government in the new business year is taken from the Parliament. Then after the elections, the new government presents the full budget for the remaining financial year. In the interim budget, estimates of revenue and expenditure are presented till the formation of the new government.
When will this full budget be implemented
In this financial year, the expenses that were to be incurred in 4 months from April 2024 to July 2024, were allowed from the Parliament through the interim budget. Now this full budget will be applicable for the remaining financial year. In this way, this full budget will be applicable from August 2024 to March 2025.
