New Delhi: Finance Minister Nirmala Sitharaman today said that the upcoming budget set for February 1, 2024, won't feature any groundbreaking announcements. Instead, it will be a 'vote on account' as India gears up for the general elections.
Sitharaman clarified that the budget's purpose would primarily be to manage the government's expenses until a new administration takes charge. She emphasized that, following the British tradition, this pre-election budget is often termed a 'vote on account.'
"This budget is just to sustain the government's spending until the new government assumes power," she stated during her address at the CII Global Economic Policy Forum. She also highlighted that such interim budgets typically avoid significant policy changes or major announcements.
The Finance Minister outlined that the nation will be focusing on the impending Lok Sabha elections, scheduled for the summer of 2024. Therefore, the budget to be presented in February will adhere to the norms of a 'vote on account,' devoid of any notable policy shifts.
Ms. Sitharaman affirmed that the real substance and significant announcements could be expected once the new government assumes office and presents the full-fledged budget in July 2024.
Scheduled for February 1, 2024, Sitharaman will present an interim budget for the 2024-25 fiscal year, starting from April 1, 2024, in the Lok Sabha. This interim budget, also referred to as a 'vote on account,' will enable the current government to manage expenses until the formation of a new administration post the general elections.