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Union budget of India
 Union Budget | |
| Government | Government of India |
|---|---|
| Website | www |
The Union Budget of India, also referred to as the Annual Financial Statement in Article 112 of the Constitution of India. It is the annual budget of the Republic of India set by Ministry of Finance for the following financial year, with the revenues to be gathered by Department of Revenue to identify planned government spending and expected government revenue and the expenditures gathered by Department of Expenditure of the public sector, to forecast economic conditions in compliance with government policy.
The Government presents it on the first day of February so that it can be materialised before the beginning of new financial year in April. Until 2016 it was presented on the last working day of February by the Finance Minister in Parliament. The budget division of the Department of economic affairs (DEA) in the finance ministry is the nodal body responsible for producing the budget.[1]
It is presented by means of the Finance bill and the Appropriation bill has to be passed by Lok Sabha before it can come into effect on 1 April, the start of India's financial year.
In modern times, the budget has been broadcast live from Sansad Bhawan on the DD National, DD News and Sansad TV. It is hosted without interruption from 11:00 am to 1:00 pm, normally followed up with a report by a panel assessing the changes, benefits and flaws in the budget. Additional budget documents and materials are available on the government budget website and Union Budget Mobile app.
Rail Budget, presented separately for 92 years, has been merged with union budget.[2]
Since 1947, there have been a total of 73 annual budgets, 14 interim budgets and four special budgets, or mini-budgets.[3][4]
- ^ "How does government prepare its Union Budget every year". The Times of India. 31 January 2022. Retrieved 2 February 2022.
- ^ Chakraborty, Abhishek (21 September 2016). "Railway Budget, Presented For 92 Years, Merged With Union Budget". NDTV. Retrieved 6 March 2021.
- ^ Padmanabhan, Arvind (12 February 2014). "Chidambaram is second only to Morarji Desai in presenting Budget". Business Today. Retrieved 29 September 2017.
- ^ "Previous Union Budgets | Union Budget of India". www.indiabudget.gov.in. Retrieved 3 February 2021.
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