FM Nirmala Sitharaman Signals Modest Budget on February 1, 2024, as Election Looms

28 Dec 2023 , 03:14 PM

Finance Minister Nirmala Sitharaman is set to present the sixth Union Budget on February 1, 2024. Sitharaman has indicated that Budget 2024 will be a Vote on Account, given the impending 2024 Lok Sabha elections. She mentioned there won’t be ‘spectacular announcements’ in this budget.

The Finance Minister clarified that the February 1, 2024 Budget will serve as a vote-on-account to meet government expenditure until a new government is in place.

With elections approaching in the summer of 2024, Sitharaman suggested that significant announcements may have to wait until after the new government takes office.

She highlighted that the next full Budget is expected in July 2024, after the new government is established.  An interim Budget is presented by a government to meet its expenditure in a general election year, with a new budget presented by the newly formed government.

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