Budget 2023 Date and Time- Know All About the Date & Timing of Union Budget 2023-24

The Union Budget for 2023-2024 is being presented at a critical juncture in the global economy, when geopolitical uncertainty, rising inflation, and sluggish growth are all present. Calculated actions to strengthen domestic sources of growth are required to maintain the country's current trajectory of steady economic growth. And the Central Government remains committed to introducing and implementing reforms that lead to 'Ease of Doing Business,' with a focus on encouraging investment to make India 'Atmanirbhar' by aggressively promoting 'Make in India' initiatives. Finance Minister Nirmala Sitharaman will present the Modi government's final full-fledged budget of its second term on February 1, 2023.

What is 'Union Budget'?

The Union Budget of India is the comprehensive annual financial statement on the government's capital, revenue, and expenditures, according to Article 112 of the Indian Constitution. The word "budget" is derived from the old French word "bougette," which means bag. It is a detailed financial plan for the present and future of the Central Government based on revenue and expenditure estimates.

When will the Finance Minister present the Budget 2023?

The Union Finance Minister, Nirmala Sitharaman, will present the general budget for the fiscal year 2023 on 1 February 2023 at 11 a.m. This will be the Finance Minister's fifth consecutive budget presentation.

How many stages are there in the budget making process in India?

The budget is divided into four stages:

• estimates of expenditures and revenue
• first estimates of deficit
• deficit narrowing
• budget presentation and approval.

When will Parliament's Budget Session begin and end?

The Budget Session of Parliament could begin on January 31 and end on April 8.

Different types of budget deficit:

Revenue deficit
A revenue deficit occurs when total revenue expenditure exceeds total revenue receipts. It indicates a lack of funds with the government, even for day-to-day operations. To cover up the shortage, the government frequently borrows or divests. It may also impose new taxes or raise existing ones. The Centre is expected to run a large revenue deficit this year due to increased spending caused by the coronavirus pandemic.

Primary deficit
The primary deficit is calculated by subtracting interest payments on previous borrowings from the fiscal deficit for the current year. In other words, it is the amount borrowed by the government minus interest payments. A zero primary deficit indicates that the government must borrow to cover interest payments. A decreasing primary deficit indicates that an economy's fiscal health is improving.

Fiscal Deficit
Fiscal refers to the government's revenues. Simply put, fiscal deficit refers to the deficit or shortfall that the government faces in non-borrowed receipts (income) in relation to its expenditure. If the government's expenditure exceeds its receipts (non-borrowed), the difference between the total expenditure and total non-borrowed receipts is known as the Fiscal Deficit. It is commonly expressed as a percentage of the country's GDP.

What is Fiscal Policy?

Fiscal Policy refers to how the government uses spending and tax policies to control economic conditions and achieve long-term growth. A sound fiscal policy is critical for controlling inflation and increasing employment while keeping the value of money stable. It is extremely important in economic management.

When will the President address both Houses of Parliament during the Budget Session?

President Ram Nath Kovind will address both Houses of Parliament assembled together at 11 a.m. on January 31

How many phases will the Budget session have?

The budget session is divided into two parts; the first half could last from January 31 to February 11. The session's second phase could begin on March 14 and end on April 8.