The Indian Union Budget for Fiscal Year 2024-2025 is expected to be presented on February 1, 2024. The Union Budget is typically announced on February 1st to make it a reality before the start of the new fiscal year in April.

The main actions and specifics about the Union Budget 2024 are as follows:

Creating a Budget:

• The process of creating the budget begins several months in advance.
• The Ministry of Finance receives funding requests from several ministries and departments.
• After evaluating these requests, the Finance Ministry distributes funding per the general state of the economy and priorities.

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Ceremony of Halwa:

• The budget printing process starts with a customary “Halwa Ceremony.”
• The Ministry of Finance in North Block, New Delhi, is the venue for this event.
• To preserve confidentiality, participants in the budget-making process are placed in “lock-in” mode following the ceremony and remain there until the budget is presented.

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Economic Overview:

• Usually presented the day before the budget, the Economic Survey offers a summary of the previous year’s economic performance and future forecasts.

Presentation of the Budget:

• On February 1, the Finance Minister presents the budget to the Lok Sabha.
• The government’s projected revenue and spending for the next fiscal year are included in the budget address.
• It lists the main policy initiatives and economic priorities.
• There are two sections to the speech: The overall economic survey and policy statements are included in Part A, and tax
• recommendations are covered in Part B.

Following the presentation:

• Following the presentation, both houses of Parliament debated and discussed the budget.
• Before the budget is put into effect, the Finance Bill and the Appropriations Bill are introduced and need to be approved by both houses.

Execution:

• The budget takes effect on April 1st, the first day of the new fiscal year after approval.
• The Union Budget is a critical document that outlines the government’s fiscal policy, economic reforms, and development priorities for the year.
• It has significant implications for various sectors of the economy and affects the financial planning of businesses and individuals.

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