Union finance minister Nirmala Sitharaman will present the interim budget for the fiscal year 2024-25 on February 1.
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But what is an interim budget? Here are some key points to know.
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Unlike a comprehensive budget, an interim budget will outline the government's anticipated receipts and expenditures until the new government is formed.
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The interim budget will provide financial details for the transitional period.
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Also known as ‘vote-on-account’, it serves as an authorisation for incurring specific expenditures which are necessary until a new government assumes office.
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The Election Commission has proposed certain limitations on an interim budget. For instance, it cannot propose major taxes or policy reforms.
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A vote-on-account remains effective for two months. It can be extended if necessary.
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Since 2021, India has followed a 'paperless' budget practice in which the budget is read from a tablet.
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The budget session begins on January 31 after the President of India addresses a joint sitting of the two Houses – Rajya Sabha and Lok Sabha.
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It is followed by the 'halwa ceremony' which marks the final stage of the budget presentation.
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The 'halwa ceremony' precedes the 'lock-in' process in which the concerned officials stay inside the Budget Press in the North Block until the final day to avoid leaks.