Budget 2024: Union Finance Minister Nirmala Sitharaman will present the general budget in Parliament on 1 February 2025. This budget will be for the financial year 2025-26 i.e. 1 April 2025 to 31 March 2026. The budget will contain accounts of the government’s income and expenditure. The General Budget not only shapes the economic policies of the country but also directly impacts the lives of common citizens.
What is budget?
The Union Budget gives complete information about the income and expenses of the government. In this, money is allocated for different schemes and projects of the government. It includes areas like defence, education, health, infrastructure and subsidies.
Important things related to budget
When is the budget presented?
The general budget is presented every year on 1 February. Cabinet approval is taken before the budget is presented in Parliament. In election years, the budget is presented in two parts, the interim budget and the full budget.
history of budget
Till 1999, the budget was presented at 5 pm. The tradition of presenting it at 11 am began in 1999. In 2017-18, it was decided to present it on 1 February and the tradition of presenting the Railway Budget separately was ended.
The budget is divided into two parts
Revenue Budget: In this, the daily expenses of the government like salaries, pensions and regular services are managed.
Capital Budget: It contains information about investments for long-term plans like infrastructure, education and health. To prepare the budget, meetings are held with different departments, experts and stakeholders. The economic needs of the country are discussed in these meetings.
Why is budget important?
The Union Budget decides the economic policies of the country. It directly affects the tax system, public welfare schemes and development projects. This is a very important document for both the government and the general public. All sections of society have expectations from the general budget, especially the middle and lower income groups. It will be interesting to see what schemes and policies the government announces this time.
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