Budget 2024: Upcoming Budget just a vote on account, says FM at CII Summit 2023
Nirmala Sitharaman while addressing CII Global Economic Policy Forum 2023 Summit said that the Union Budget 2024 scheduled to be presented on February 1 by the central government is unlikely to make any "spectacular announcements, on December 7." She added that the regular Budget will take place in July and “you'll have to wait until then." Speaking at the Summit in New Delhi, Sitharaman said, “I don’t want to be a spoilsport, but the 1st February Budget is just a vote on account; a budget to meet expenditure till the next government comes to power. No spectacular announcements. You will have to wait till after the general election." Additionally the FM talked about the need of centres for affordable medicines across the world, post-pandemic.
She said, that the government is now focused on health as a priority on district level. Sitharaman also raised the need of more give and take approach globally in education and health. Also Read | Budget 2024: Interesting facts about the Budget presentation According to a Mint report, as the incumbent government leaves or has a chance of leaving, an interim budget is presented, or a vote on account is sought.
The next government will be responsible for presenting the full budget. The vote on the account cannot impact the tax regime. Also Read | Budget 2024: A quick guide on how to read the Budget document Vote on account is the process of withdrawing money from the Consolidated Fund of India during that period, usually two months.
A vote on account is a formality and does not require debate. The government seeks a vote on account for four months when elections are scheduled a few months into a new financial year. Vote on account is essentially the Parliament's interim approval of
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