Key Points
Union Finance Minister Nirmala Sitharaman while addressing CII Global Economic Policy Forum 2023 said on December 7 that the Union Budget 2024 scheduled to be presented on February 1 by the central government is unlikely to make any "spectacular announcements.".
Speaking at the CII's Global Economic Policy Forum 2023 in New Delhi, Sitharaman said, I dont 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..
According a Mint report, during an outgoing government, 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..
As such, a vote on account is merely an interim authorization to spend money, as opposed to a full Budget that includes details of expenditures and receipts, including tax changes and government policies..
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