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Union Budget 2024 Updates: Finance Minister Nirmala Sitharaman presented an interim Budget on Thursday while listing out the achievements of the Modi government in the past 10 years. This is her sixth Budget as the Finance Minister and last in the second term of the Modi government.

In her pre-election Budget speech, Sitharaman said the economy has witnessed a profound positive transformation in the last 10 years and the people of India are looking ahead to the future with hope and options. Highlighting the "Nari Shaki", the finance minister said the empowerment of women through entrepreneurship and ease of living has gained momentum in the last 10 years.

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She said the female enrolment in higher education has gone up by 28 per cent in the period. "Female enrolment in higher education has gone up by 28 per cent in 10 years. In STEM (science, technology, engineering, mathematics) courses, girls and women constitute 43 per cent of enrolment - one of the highest in the world," the minister said in her interim Budget speech.

After concluding the interim Budget speech, Sitharaman introduced the Finance Bill 2024 in Lok Sabha, which was soon approved by the Lower House of Parliament.

What Is A Finance Bill?

- The Finance Bill is a bill that contains the financial proposals for the upcoming financial year. It is a part of the Union Budget which is introduced in the Lok Sabha on the same day when the Budget is presented.

- The purpose of the Finance Bill is to incorporate amendments with all suggested changes into the relevant laws. 

- The Finance Minister presents the Bill in the Lok Sabha after the yearly Budget is presented in Parliament.

- The Finance Bill is accompanied by a Memorandum that explains the provisions included in it.

- The Rajya Sabha can recommend amendments to the bill and it has to be passed by the Parliament within 75 days of its introduction.

How Finance Bill Is Different From Money Bill

- Finance Bills are divided into three classes: Finance Bill Category I, Finance Bill Category II, and the Money Bill.

- Not all financial bills are money bills, but all money bills are financial bills.

- Only those financial bills that include matters listed in Article 110 of the Constitution are considered money bills.

- Money bills deal with financial matters like taxes, government spending, and budget.

- As per the Constitution, money bills can only be introduced in the Lok Sabha on the recommendation of the president.

PM Modi On Budget 2024

Speaking on the interim Budget, Prime Minister Narendra Modi, said it is inclusive and innovative. "It has confidence of continuity. It will empower all 4 pillars of Viksit Bharat- Yuva, Garib, Mahila and Kisan. This Budget gives the guarantee of making India a developed nation by 2047," PM Modi said.

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