Though Budget announcement is a yearly event, this year after the 17th Lok Sabha elections, the newly reelected government will present its Full budget for the fiscal year with Nirmala Sitharaman, the second women finance minister, at its helm on July 5. The interim budget was announced by Piyush Goyal, interim finance minister on February 1.
Budget is a comprehensive summary of a country's finances that provides for revenue from all of the sources combined together and the outlay budgeted for each of the economic activity. The budget for the economy is prepared by the Budget division of the Ministry of Finance.
Important details in respect of economic survey and timing of budget:-
1. Economic Survey Schedule
The Economic Survey which reviews the country's development as an economy for the past 12 months is considered a flagship document of the Ministry of Finance. This year the survey will be presented on July 4, a day before the annual budgetary presentation i.e. scheduled for July 5. The session will include a total of 30 sittings.
Also, the Survey takes into account the likely performance of all the policy initiatives taken in the past one year.
2. Maiden Budget of Modi's Second term and Sitharaman
Union Budget 2019-20 will be tabled in the Lok Sabha on Friday, July 5, 2019, at 11:00 am and post the Budgetary announcement, both the houses will be adjourned for the day.
3. Yashwant Sinha changed Budget custom and began to announce Budget at 11:00 am
Before 1999, the customary Budget in the country was announced on the last working day of February at 5 pm. But from 1999, Yashwant Sinha began to present it at 11:00 am.
4. Full Budget and Railway Budget merged from 2016
Also, from the year 2016, the practice of announcing railway budget days before the budget announcement has been done away with, thus scrapping 92-year old practice.