The Union Budget or the annual financial statement as per Article 112 of the Indian Constitution is a statement of the estimated receipts and expenditure of the government for a particular year. This year's Budget i.e. Budget 2022 will be presented in the Parliament by the finance minister Nirmala Sitharaman on February 1, 2022 (Tuesday) in the backdrop of the continuing Covid threat.
The budget is drafted to propel and spur economic growth while at the same time sticking to offer equality and social justice.
Why is the Union Budget date fixed as February 1?
In 2017, Finance Minister- Arun Jaitley under the leadership of Narendra Modi, announced that the Union Budget shall no longer be presented on the last working day of February. So since then the budget is being unveiled on February 1.
At what time will the Budget 2022 be announced?
The budget as per the custom shall be announced at 11:00 am. Notably, until 1999, the Union Budget kept on being presented on the last working day of February at 5 pm. Later Finance Minister- Yashwant Sinha (1998-2002) made a request that the Union Budget 1999 should be tabled at 11 am. The shift in timing was proposed for a better analysis of budgetary details as well as announcements that shall promote a more healthy and informed debate as well as discussion. The request was accepted and Sinha for the first time in the country's history presented the Union Budget at 11 am on February 27, 1999.