What are the Common and Frequently Asked Budget-Related Questions

On February 1, 2023, Finance Minister Nirmala Sitharaman will present the Modi government's final full-fledged budget of its second term. Can the Finance Minister strike a delicate balance between large-scale projects and fiscal prudence?

Everyone, from India Inc. to the average citizen, must now be expecting something from this budget. But, before the Economic Survey is released, followed by the Budget, here are some frequently asked questions:

What is the 'Union Budget'?

The Union Budget of India is the annual financial statement of the Indian government. The term budget comes from the old French word "bougette," which means bag. It is the government's revenue and expenditure statement.

When will Nirmala Sitharaman, the Finance Minister, present the Budget 2023?

Nirmala Sitharaman, Finance Minister, will present the Union Budget 2023-2024 in Parliament on February 1 at 11 a.m.

When will Parliament's Budget Session begin and end?

Parliament's budget session is expected to begin on January 31 and end on April 8.

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

President Droupadi Murmu will address both Houses of Parliament assembled together at 11 a.m. on January 31 to officially open the budget session.

How many phases will the Budget session have?

The budget session is divided into two parts, with the first lasting from January 31 to February 11. The second phase of the session could begin on March 14 and end on April 8.

When was India's first budget presented?

Shri Shanmukham Chetty, India's first Finance Minister, presented the country's first budget on November 26, 1947. Liaquat Ali Khan, a member of the Interim Government, presented the Budget for 1947-48.

Who presented the first Union budget in 1947?

R. K. Shanmukham Chetty, an Indian businessman presented the first Union budget of independent India on November 26, 1947. Morarji Desai presented the Union budgets from 1959-1961 to 1963-1964, including the 1962-1963 interim budget.

How many budgets are presented in India?

According to estimates, India has three types of government budgets: surplus budgets, balanced budgets, and deficit budgets.

When will the Economic Survey be made available to Parliament?

The Economic Survey is presented in Parliament on January 31, one day before the budget.

What exactly is the Economic Survey?

The Economic Survey summarises the annual economic development of the country while also highlighting key challenges and potential solutions. Dr. V Anantha Nageswaran, the Chief Economic Adviser, is preparing the survey.

When did the government start preparing its annual budget?

On October 10, 2022, the Ministry of Finance began its annual budget-making process.

Who prepares the budget?

The Budget Division of the Department of Economic Affairs (DEA) in the Finance Ministry is the nodal body in charge of budget production.

In which month is the budget announced?

The Union Budget of India, also known as the Annual Financial Statement in Article 112 of the Indian Constitution, is the Republic of India's annual budget, which is presented in Parliament each year on the first of February by the Finance Minister of India.