An interim budget is presented by a government going through a transition period or is in its last year in office before the general elections held every 5 years.
The union budget serves as a comprehensive financial plan encompassing govt. spending, revenue generation, & policy reforms for an entire fiscal year.
The interim budget may include estimates of govt. spending, revenue, fiscal deficit, & financial performance. However, it avoids major policy announcements in order to avoid burdening the next government.
The ruling govt. crafts an interim budget for its remaining tenure, leaving the responsibility of formulating the full budget to the incoming administration.