Union Budget 2024-25: Know Difference Between Interim Budget And Full Budget

Union Budget 2024-25: With the formation of the third consecutive NDA government under BJP's leadership at the Centre, the Union Finance Minister Nirmala Sitharaman will present the country's full budget on July 23. The interim budget was presented in February earlier this year.

As a result, both the Interim Budget and the Union Budget are introduced in election years. It is important to understand the differences between these two types of budgets. The following are the five main differences between the interim budget and the full budget:

Budget presentation time

The Finance Minister presents the full Budget annually in Lok Sabha on February 1. In contrast, the interim budget is presented by the incumbent government before elections in an election year.

Discussion in the Parliament

The full budget is subject to detailed discussion in Lok Sabha before it is approved. On the other hand, the interim budget is approved without any extensive discussion.

Policies and plans

Governments announce new plans and policies in the full budget. In the interim budget, no new plans or policies are announced.

Fund allocation

The full budget allocates appropriations for the entire financial year (from April 1 to March 31). In contrast, the interim budget allocates funds to cover government expenditures for the next 3-4 months until the new government is elected.

Income information

The full budget contains comprehensive details of all sources of government income. However, the interim budget does not include these detailed sources of income.