Finance minister Nirmala Sitharaman will present the Union Budget 2023 on Wednesday, with hopes of new initiatives for the overall growth of the country. Different sectors of the economy and the common people will eagerly wait to see if their wish list finds a mention in the Budget speech in Parliament. Click here for Budget 2023 LIVE Updates.
The budget document is significant not just for the government, but for many who are not in the country but get benefits of various services of the Indian government through policy initiatives. Therefore, it is pertinent to know what is the Union Budget and why it carries utmost importance?
What is the Indian Union Budget?
Under Article 112 of the Indian Constitution, a statement of estimated receipts and expenditure of the Government of India has to be laid before Parliament in respect of every financial year which runs from April 1 to March 31. Known as Budget, the Annual Financial Statement is the main document, commonly referred to as the Budget Statement.
Union Budget: Why is it so important?
Budget is considered as the key document of the government because it outlines the policy structure of the country and aims to fulfill the aspirations of people with various welfare initiatives.
The Union Budget reveals before the country about the projected receivables and payables of the government, under capital budget and revenue budget.
The Union Budget aims for a balanced economic growth of the country. It underlines the responsibility of the government for social welfare and equality.
Expectations of common people are addressed in the budget through tax rebates, incentives etc… New policies for the businesses are also announced.
Who prepares the Union Budget in India?
The Union ministry of finance is responsible for preparing the budget for the country. Budget Division under the department of economic affairs within the ministry is the nodal body to make the budget document.
When is the Budget prepared?
Usually, the budget-making process in India starts in around August/September.
Who presents the Union Budget?
The Union Budget is presented by the Union finance Minister.
Who will present Budget 2023?
Union finance minister Nirmala Sitharaman will present the budget in the Parliament.
What is the duration of the Union Budget presentation in India?
The duration of budget presentation in India is not fixed. It depends on the finance minister and the length of the speech document. Usually, it is close to two hours.
What are key features of the Indian Union Budget?
The budget speech of the finance minister provides direction to the country and economy and underlines the policies of the government.
Key documents such as those listed below are tabled in the parliament during the Budget presentation process.
- Annual Finance Statement (AFS)
- Demand for Grants (DG)
- Finance Bill
Explanatory statements such as those listed below are also presented for ready references.
- Expenditure Budget
- Receipt Budget
- Expenditure Profile
- Budget at a Glance
- Memorandum Explaining the provisions in the Finance Bill
- Output Outcome Monitoring Framework
What are the key documents of the Union Budget?
There are 14 key documents of the union budget. Some of them are Annual Financial Statement, Demand for Grants, Finance Bill etc.
How to download Budget documents?
The budget documents are available on the ‘Union Budget Mobile App’ and web portal (www[dot]indiabudget[dot]gov[dot]in).
What are highlights of the Budget?
Budget highlights are the key features of the Budget indicating, inter alia, the prominent achievements in various sectors of the economy, new initiatives announced in the Budget, allocation of funds made in important areas, and a summary of tax proposals.
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