Union Finance Minister Nirmala Sitharaman will present the Interim Budget or Vote on Account for this year on Thursday.
The Union Budget 2024 will be unveiled at around 11:00 AM.
Due to the upcoming Lok Sabha polls, this year only an interim budget will be presented with the full year's Budget 2024 scheduled for presentation after the new government is elected.
Expectations for Budget 2024 are high, with hopes for relief for the common man, middle class, farmers, women, and the industry. Salaried taxpayers are anticipating changes in income tax slabs, tweaks to the new income tax regime, and an increase in standard deduction and Section 80C limits.
Additionally, there is anticipation for the government to meet its fiscal deficit target while maintaining capital expenditure on key infrastructure sectors such as roadways and railways.
With the excitement building for the impending Union Budget 2024, India is eagerly anticipating the unveiling of proposals by Sitharaman. It is important to note that an interim budget primarily concentrates on maintaining essential services until the new government takes charge, but there are numerous key expectations in the air.
The provisional budget for the 2024-25 financial year is in line with Indian customs, coming before the expected general elections in April-May 2024.
An interim budget, often referred to as a vote-on-account, serves as a provisional financial plan presented by the government when time or mandate constraints prevent the introduction of a comprehensive budget.