Interim Budget vs Full Budget 2024: What and what not to expect on February 1

NEW DELHI: Union finance minister Nirmala Sitharaman will present the Interim Budget 2024 tomorrow. President Droupadi Murmu said today India has emerged as the fastest-growing major economy, consistently maintaining a growth rate of over 7.5 percent for two consecutive quarters amidst serious global crises.

The budget outlines the estimated expenditure for the upcoming fiscal year. Traditionally, the finance minister presents an interim budget before the general election 2024 and full-budget after the formation of a new government.

At the beginning of the Budget session 2024 in Parliament, the Prime Minister Narendra Modi said “We will adhere to this tradition and present the full budget after the formation of the new government. This time, the country's Finance Minister, Nirmala Ji, will be presenting her budget tomorrow with some guiding points.”

“Today, the guidance provided by President Droupadi Murmu ji at the commencement of this budget session and the Interim Budget to be presented by Nirmala Sitharaman exemplify the power of women,” PM Modi added.

On December 7, 2023, Nirmala Sitharaman said at an event held by the Confederation of Indian Industry (CII): “I am not going to play spoilsport, but 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 will be in election mode, and elections will happen during the coming summer. So the Budget will just be to meet the expenditure till a new government comes. So no spectacular announcements are made at that time.”

Also read Interim Budget 2024: Why we still talk about education needing 6% of GDP

Interim Budget 2024

India’s interim budget 2024 will be presented by the Union finance minister Nirmala Sitharaman tomorrow, February 1 at 11 am. The budget speech will be broadcast live on various social media platforms.

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Full Budget 2024: When will it be presented?

The outgoing finance minister presents the interim budget before the general elections when they near the end of term. Usually, the minister does not announce major financial plans or policy changes during the interim budget, instead delivers a short-term financial strategy.

The general elections 2024 in India are set to take place in April-May. Finance minister Nirmala Sitharaman has also informed that the full budget 2024 will be presented in July after the new government is formed.

Education sector’s wishlist

For the education sector, experts and academics have been expecting the government to focus on integration of artificial intelligence (AI) in traditional learning methods. Besides the introduction of new technologies and digital learning, the academics are still talking about why the education sector needs 6% of the Gross Domestic Product (GDP) and batting for equal access to education.