Finance Minister Nirmala Sitharaman on Thursday said the budget to be presented on February 1, 2024, would not have any “spectacular announcement” as it would be a vote on account in run-up to the general elections.
“It is a matter of truth that the February 1, 2024 budget that will be announced will just be a vote on account because we will be in an election mode. So the budget that the government presents will just be to meet the government's expenditure till a new government comes into play,” she said.
Speaking at the CII Global Economic Policy Forum, Sitharaman said the country would be preparing for the Lok Sabha elections due in the summer of 2024.
Hence the February 1 budget, following the British tradition, is called vote on account.
“No spectacular announcements come in that time (in a vote on account). So you will have to wait till after the new government comes in and presents the next full Budget in July 2024,” Sitharaman said.
On February 1, 2024, Sitharaman will present an interim 2024-25 fiscal budget, beginning April 1, 2024, in the Lok Sabha.
The interim budget which is also known as a vote on account will allow the incumbent government to undertake expenditures till a new government is formed after general elections.