Delhi, 1 February (H.S): The concept of a vote-on-account differs from the regular budget in that it only covers a specific period, usually for a few months, and is meant to provide the necessary funds for essential government functioning until a full budget can be presented.
Unlike a regular budget, it does not contain major policy announcements, but it does have the authority to allocate funds for urgent and immediate issues facing the country. This is crucial in times of transition, such as when a new government is formed, as it ensures that the government has the necessary funds to continue its operations and address pressing matters.
The upcoming vote-on-account for 2024-25, to be presented by Finance Minister Nirmala Sitharaman, will see the withdrawal of funds from the Consolidated Fund of India to cover expenditure for April-July.
This will allow the new government, expected to be formed in June, to come up with a full budget in July and make necessary policy decisions for the rest of the fiscal year.
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