Budget 2024 date and time: Here are the most common Budget FAQs

In the face of worldwide uncertainties, the imminent risk of economic downturns in the United States and Europe, and wars in Ukraine and Gaza, Finance Minister Nirmala Sitharaman is set to unveil the interim budget of the Modi government on February 1, 2024, just before the Lok Sabha elections. The question arises: Can the Finance Minister strike a delicate balance between substantial initiatives and fiscal responsibility?

Private sector capital expenditure needs to make a comeback for rebalancing the Indian economy towards investment and manufacturing - from a consumption driven one, according to V Anantha Nageswaran, India’s Chief Economic Advisor (CEA).

Commenting on the fears regarding global uncertainty, Nageswaran said the situation is likely to remain the same. “Whether we like it or not, this is going to be a decade of uncertainty,” he said while adding, “The Indian corporate sector has to accept uncertainty for the rest of the decade and actually start to invest. Waiting for demand to arise before they start investing will be to delay the onset of such demand conditions happening.”


Also Read: Union Budget 2024: Key points and key facts that you should know in simple terms

But before the release of the Economic Survey, followed by the interim Budget, here are answers to some frequently asked questions:

1. When will FM Nirmala Sitharaman present the interim Budget 2024?
   Finance Minister Nirmala Sitharaman will likely present the Interim Budget 2024-2025 in Parliament on February 1 at 11.00 am.
2. When will the Budget Session of Parliament start and end?
   The Budget Session of Parliament could commence in the last week of January and likely conclude in April.
3. When will President Droupadi Murmu address both the Houses on Budget Session?
   President Droupadi Murmu would officially kick off the budget session on the first day by addressing both Houses of Parliament assembled together.
4. When will the Economic Survey be presented in Parliament?
   This year, a 'concise' document on the state of India’s economy – and not a full-fledged economic survey – may be presented for 2024-25 ahead of the interim budget on February 1.
5. What is the Economic Survey?
   The Economic Survey encapsulates the annual economic development in the country and also points out the key challenges and their possible solutions. The survey is being prepared by the Chief Economic Adviser Dr V Anantha Nageswaran.
6. What is 'Interim Budget'?
   An interim budget is a provisional financial plan to manage expenditures for a brief duration, typically spanning a few months, until a new government assumes office. Given that the fiscal year concludes on March 31, and the transition to a new government usually occurs in late May or early June, the interim budget serves the purpose of addressing financial needs and revenues during this interim period. Subsequently, once the new government assumes office, a comprehensive budget for the remaining portion of the fiscal year is presented in July.
7. When did the government commence its annual budget making exercise?
   The Ministry of Finance commenced its annual budget-making exercise on September 4, 2023.
8. What is fiscal deficit?
   The difference between total revenue and total expenditure of a government in a financial year is termed a "fiscal deficit." It is an indication of the total shortfall in a government's earnings compared with its spending. In calculating the total revenue, borrowings are not included.