Union Finance minister Nirmala Sitharaman is set to present the Interim Budget today ahead of the Lok Sabha elections in 2024, marking the final budget in the second term of Prime Minister Narendra Modi.

This budget is interim in nature and the comprehensive budget for the financial year 2024-25 will be introduced only after the formation of the new government following the general elections.

The Interim Budget outlines expenditures and revenues until the formation of a new government as it helps the government to manage its financial obligations.

Ahead of the Interim Budget, President Droupadi Murmu highlighted that India has maintained its position as the fastest-growing major economy, saying, “The year 2023 was a historic year for India when it grew the fastest among major economies despite the global crisis. India grew about 7.5 per cent for two consecutive quarters.”

As there is elections this year, so during an election year, the incumbent government cannot present a full budget. Therefore, an Interim Budget- that covers the government's expenses and revenues for a short period- is presented.

The Interim Budget includes estimates for the government's expenditure, revenue, fiscal deficit, financial performance and projections for just a few months.