Difference Between Interim Budget And Full Budget
By: EjazUlHaqBhat
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An interim budget is a provisional financial plan presented by the Union government in an election year
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Its primary purpose is to secure Parliament's approval for essential government expenditures during the transition period until the new government assumes office
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An interim budget ensures that the government continues to function without any disruption
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It does not include significant policy changes or long-term reforms, because the new government might not agree with such decisions
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The full Union Budget or the annual budget is a detailed financial document presented by the government
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It provides a financial statement for the fiscal year, outlining revenue sources, expenditure plans, and policy priorities
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Unlike an interim budget, the full budget undergoes a thorough debate and examination in both Lok Sabha and Rajya Sabha
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The process allows members of Parliament to scrutinize various aspects of the budget and suggest amendments before approval
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The full budget includes significant announcements, such as new tax proposals, welfare schemes, and allocations for different ministries
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