Navigating India's Dual Budget 2024: Understanding the Rationale Behind Two Presentations
With the budget to be presented in July, Finance Minister Nirmala Sitharaman is going to become the first Finance Minister who will present 7 budgets one after the other. This will be a record in itself. It is known that before this, Morarji Desai had the record of presenting the highest budget. The upcoming full budget is going to be presented on July 23.
Business Desk, New Delhi. Union Budget 2024: Finance Minister Nirmala Sitharaman is going to present the country's Union Budget 2024 on July 23.
A new record will be made in the name of Finance Minister Nirmala Sitharaman
With the budget to be presented in July, Finance Minister Nirmala Sitharaman is going to become the first Finance Minister who will present 7 budgets one after the other. This will be a record in itself. It is known that before this, Morarji Desai had the record of presenting the highest budget.
Why are two budgets being presented this year?
Actually, the biggest reason for presenting two budgets in the country this time is the general elections. The interim budget presented before the Union Budget contained some temporary measures to ensure continuity of government funding ahead of the elections. The new decisions were taken only till the formation of the new government.
Implications for the Indian Economy
The full budget is expected to have a far-reaching impact on the Indian economy, influencing various sectors and shaping the country's growth trajectory. Businesses will closely watch the budget for policy announcements that could impact their operations, investment decisions, and overall profitability. Individuals will be keen on measures that affect their tax burden, disposable income, and access to essential services.
The Interim Budget: Laying the Foundation for the Upcoming Elections
The presentation of an interim budget in February 2024 was primarily driven by the upcoming general elections. As per constitutional norms, a full-fledged budget cannot be presented in the year preceding a general election. To ensure the continuity of government operations and provide some financial direction, the interim budget served as a bridge between the previous budget and the post-election financial plan.
The Full Budget: Unveiling the Government's Vision for the Future
The full budget, scheduled for July 23, 2024, will hold immense significance as it will outline the newly elected government's economic vision and priorities for the upcoming fiscal year. With a fresh mandate, the government is expected to unveil a comprehensive roadmap for reviving economic growth, addressing pressing concerns such as unemployment and inflation, and fostering inclusive development.
