Budget 2024: The budget is presented twice in an election year! Know the answer to every question related to interim budget and general budget
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budget 2024: The last budget of this tenure of the Central Government will be presented on February 1 by Finance Minister Nirmala Sitharaman (Nirmala Sitharaman) to be presented by. There are a lot of expectations among the common people regarding this. But, the government budget will be an interim budget. In the language of budget, interim budget and full budget are two important terms. To understand the budget, it is very important to have understanding and information about it. In such a situation, we are helping you. In the year when Lok Sabha elections are held in the country, there are two budgets. There is an interim budget in this. Whereas, the second is the full budget. Interim Budget is actually a temporary financial plan presented by the government when general elections are approaching or when a new government is about to take charge. It serves as a provisional arrangement to meet the expenditure needs of the government for a short period until a new government can prepare and present a full budget. The full budget is a roadmap of the treasury, expenditure and schemes for the entire year. It covers all aspects of government spending, revenue generation and policy reforms for the entire financial year.
What is the difference between interim budget and full budget
Interim budget and full budget are two different types of budgets that are prepared by the government and are made to serve different purposes. Both these budgets are for different time periods and there is a difference between them.
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The period of time
Interim Budget: It is not a permanent budget and is generally prepared for the first eight months of a financial year. There is regulated distribution of money only for a limited time and it can be modified later.
Full Budget: It is a permanent budget which is prepared for an entire financial year. It contains plans, requirements, and financial statements for the entire financial year.
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detail of financial statements
Interim Budget: It is mostly without detailed details, as it is prepared only for a limited period of time.
Full Budget: This budget is for the entire financial year and includes detailed financial statements for all sectors and geographical areas.
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Purpose
Interim Budget: Its main objective is to provide the necessary funds to the government to meet its operational requirements at the beginning of the financial year and initiate new schemes.
Full Budget: Its major objective is to provide a permanent and stable financial plan to the government for the entire financial year which covers all sectors.
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Inquiry and debate in Parliament
The interim budget does not undergo the usual scrutiny and debate in Parliament. It is presented for vote-on-account, seeking approval for necessary expenditure until the new government presents a comprehensive budget. Whereas,
Full Budget: The budget for the entire year has to undergo rigorous scrutiny, discussion and approval by both the Houses of Parliament. This includes debate on various aspects of the budget, detailed analysis and possible amendments before approval.
What is the difference between importance and impact
The importance of interim budget and full budget is almost the same. The interim budget maintains financial stability during the transitional period. After this, there is a rough roadmap for the full budget. At the same time, the full budget is a road map for the entire year, which works to provide economic direction and guidance to the country. Interim budgets ensure continuity and prevent financial disruption during political transitions. In contrast, the full-year budget outlines economic growth, capital investment and social welfare initiatives, laying the foundation for India’s progress. The full year budget often influences investor sentiment, as it reflects the government’s commitment towards various sectors and reforms. It can drive economic activity and shape market expectations.
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