Union Budget 2022-23: According to Article 112, the annual financial statement or Union Budget of a year is the statement of estimated receipts and expenditure of the Government of India for that particular year
Finance Minister Nirmala Sitharaman will present the Union Budget 2022-23 on 1 February at 11 am while the Budget Session of Parliament will commence on 31 January. The budget will first be presented in the Lower House of Parliament before being tabled in the Rajya Sabha.
The 2022 Budget session, which will begin with President Ram Nath Kovind’s address to both the Houses, will be held in two parts. The first part will end on 11 February and the part two will begin after a month-long recess on 14 March.
Due to the festival of Holi, there will be no sitting on 18 March. The second part of the Budget session will conclude on 8 April, as reported by news agency PTI.
According to Article 112, the annual financial statement or Union Budget of a year is the statement of estimated receipts and expenditure of the Government of India for that particular year. The budget has to be laid before Parliament for every financial year that runs from 1 April to 31 March. It is prepared by the Union finance ministry in consultation with other concerned ministries.
Until the year 2017, the Railway Budget was declared separately from the General Budget. However, the Union Budget now gives an overall picture of the financial position of the government of India. It has merged the railway budget, actual expenditure for the preceding year, revised estimate for current year and a budget estimate for the next year.
Since 2017, the Budget is presented on 1 February at 11 am by the finance minister in the Lok Sabha.
Before the year 2016, the Budget was presented on the last working day of February. According to Economic Times, this was done because India followed a colonial-era tradition of presenting the Union budget on the last working day.
However, then Finance Minister Arun Jaitley changed this norm and said that the budget would henceforth be presented on the first day of February every year.
Earlier, the British regime would listen to India’s budget keeping into account the time zone gap between New Delhi and UK’s Westminster. As per a Hindustan Times report, the budget presentation in the evening would also allow tax collectors the night to work out change in the prices.
The presentation of a Union Budget speech runs from 90 minutes to 120 minutes on an average. However, Finance Minister Nirmala Sitharaman holds the distinction of delivering the longest budget speech in 2021-22 over a period of 160 minutes and she had to leave the last two pages of her speech which she was not able to finish.
The previous longest Union Budget Speech was delivered by Minister Jaswant Singh in the year 2003 for 135 minutes. The shortest speech was delivered in 1977 by Hirubhai M Patel of merely 800 words.
Scheduled to be tabled on 31 January after the President’s address, the Economic Survey is a crucial report that highlights the state of the economy during the past year. Economic Survey is presented by the Union government and it presents the key challenges and possible solutions on the state of the Indian economy.