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The Union Budget 2024 is significant in creating a developed and sustainable India. It outlines the Government of India's fiscal policies, projections, and planned expenditures. It is a comprehensive blueprint that defines the nation's economic priorities and allocation of resources.The Union Budget 2024 is expected to be presented in late July 2024 by Finance Minister Nirmala Sitharaman. After establishing the government for the 3rd time by Prime Minister, Narender Modi, the first budget of 2024 is going to be announced soon. However, an interim budget has already been passed by Nirmala Sitharaman on February 1, 2024. The full budget 2024 is likely to be announced on either the 23rd or 24th of July 2024. However, the exact date is yet to be announced. Also Read: Budget 2024: What Is a Budget? Why Is It Important?
Union Budget of India: Components
The Union Budget is a crucial document that not only outlines the financial health and priorities of the government but also impacts various sectors of the economy. It impacts the lives of citizens through its policy decisions and allocations. It includes the following components:
- Tax Revenue: Income tax, corporate tax , GST (Goods and Services Tax), customs duties, excise duties, etc.
- Non-Tax Revenue: Dividends and profits from public sector enterprises, interest receipts, fees, fines, etc.
- Revenue Expenditure: Day-to-day expenses of the government, such as salaries, pensions, subsidies, interest payments, etc.
- Capital Expenditure: Investment expenditure on infrastructure, building assets, loans to state governments, etc.
- Revenue Receipts: This section includes all sources from which the government earns money. It comprises:
- Capital Receipts: These are receipts that do not affect revenue but affect capital. It includes borrowings from the market, loans received from foreign governments, etc.
- Expenditure: This is the planned spending by the government. It is categorised into:
- Fiscal Deficit: This is the difference between the government's total revenue and total expenditure. It indicates how much the government needs to borrow to meet its expenditure.
- Budget Estimates: These are projections of revenue and expenditure for the upcoming fiscal year.
- Sectoral Allocations: Allocation of funds to different sectors like agriculture, health, education, defence, infrastructure, etc.
- Policy Measures: Announcements of new policies or amendments to existing ones related to taxation, subsidies, social welfare schemes, economic reforms, etc.
- Macroeconomic Framework: Economic growth projections, inflation targets, fiscal policy stance, etc.
- Budget Speech: The Finance Minister's speech in Parliament presenting and explaining the Union Budget's key elements, policy decisions, and objectives.
Also Read: Budget 2024: Top 4 Expectations From Finance Minister Nirmala Sitharaman
Where to Watch Budget 2024 Live?
The Union Budget 2024 is likely to be presented on July 23rd or July 24th at 11:00 a.m. IST in the Parliament. Though the exact date is yet to be announced. It will be presented by Union Finance Minister, Nirmala Sitharaman.Usually, the finance minister announces the budget annually. But this time, two budgets are presented, including the interim budget that was presented on February 1st, 2024 and the Union Budget 2024 which is likely to be announced on either July 23rd or 24th. The official confirmation of the date of the presentation is yet to be announced.You can watch the Budget 2024 presentation on the following channels:
- Sansad TV broadcast
- Doordarshan broadcast
- Live streaming on YouTube channels
- Live streaming on official website of the Ministry of Finance
Budget 2024 Theme
The theme for Union Budget 2024 is "Viksit Bharat Budget 2024". It aims to plan a developed India by 2047. According to analysts, defence, railways, infrastructure, renewable energy sectors, and employment will remain the centre of focus. Also Read: Upcoming Union Budget 2024: Key Highlights
Budget 2024 Date & Time
The Budget 2024 date is likely to to presented on either July 23rd or 24th. Any official announcement regarding the finalisation of the date is yet to be announced. The Budget 2024 time usually starts at 11:00 a.m. IST. The budget shall be presented in both houses of Parliament, i.e. Council of States (Rajya Sabha) and the House of the People (Lok Sabha) where approvals and dismissals of the proposed budget shall be discussed.The Union Budget 2024-25 will include concerns related to the economic growth and stability of our country. It aims at boosting employment, tax reforms, and labour welfare. Also Read : Budget 2024: Higher Standard Deduction in New Tax Regime
FAQS - FREQUENTLY ASKED QUESTIONS
What are the primary goals of the Interim Budget 2024 ?
The primary objective of Interim Budget 2024 revolves around the theme "Viksit Bharat Budget 2024". It envisions a developed India by the year 2047, focusing on sustainable development, infrastructure, investment, inclusive development, and agriculture and food processing. The major components of "Viksit Bharat Budget 2024" are:
• Garib (Poor)
• Mahilayen (Women)
• Yuva (Youth)
• Annadata (Farmers)
What role does the fiscal deficit play in the Union Budget ?
The fiscal deficit is the difference between government expenditure and revenue. It is a critical parameter in the Union budget. The budget sets targets for fiscal deficit to ensure sustainable economic growth and financial stability.
What is the difference between an Interim Budget and a Full Budget ?
The Interim Budget is temporary, focusing on short-term financial needs, while the Full Budget is comprehensive and sets the long-term financial goals and policy directions for the entire fiscal year. The interim budget is presented before the end of the financial year whereas the final budget is presented after the elections and formation of a new government.
When will the Budget 2024 start and end?
The Union Budget 2024 25 will likely be presented on either July 23rd or 24th. Any official announcement regarding the final date is yet to be announced.
What do you mean by a "Union Budget"?
A "Union Budget" refers to the annual financial statement of the central government of India. It is a comprehensive document that outlines the government's estimated revenue and proposed expenditures for the upcoming fiscal year, which runs from April 1st to March 31st.
Can I access the previous Union Budget documents?
The previous Union Budget documents are available on the official website of the Ministry of Finance (https://www.indiabudget.gov.in/) under the 'Budget Documents' section.
How does the Union Budget affect the common person?
The Union Budget impacts the common person through changes in taxation, subsidies, government schemes, and policies that influence economic growth, employment, prices of goods and services, and overall standard of living.
Where can I watch the live streaming of the Union Budget?
The Union Budget is typically broadcast live on Doordarshan's DD News channel, and various news channels like NDTV, and CNBC-TV18, and is also available on their respective YouTube channels.
How should individuals and businesses prepare after the Union Budget?
After the budget announcement, individuals and businesses should assess its impact on their finances, investments, and operations. They should seek advice from financial experts to optimize opportunities presented by budgetary measures.
What is the duration of the Monsoon session in Parliament?
The Monsoon session of Parliament will begin on July 22nd, 2024 and will last until August 9th, 2024.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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