Image Source : FREEPIK 10 interesting facts about Indian Union Budget
Budget 2023 is an annual event where the government presents its financial plans for the upcoming fiscal year. It is a highly anticipated event that is closely watched by economists, businesses, and the general public. The Union Budget not only lays out the government’s financial plans but also gives insight into its economic and social priorities.
Union Budget 2023: FULL COVERAGE
Here are 10 interesting facts about the Indian Union Budget that you may not know:
The Union Budget of India is presented in Parliament on February 1 by the Finance Minister.
The Budget is traditionally presented in the Lok Sabha, the lower house of the Indian Parliament.
The term ‘budget’ has been derived from the French word ‘bougette’ meaning ‘small bag’. This refers to the small leather bag that the British Chancellor of the Exchequer used to carry the budget papers.
The Union Budget is divided into two parts: the Annual Financial Statement and the Demand for Grants.
The Annual Financial Statement gives an overview of the government’s revenue and expenditure for the upcoming fiscal year.
The Demand for Grants is the second part of the budget and it is presented in the form of a vote-on-account. This is a provision that allows the government to withdraw money from the Consolidated Fund of India (CFI) to meet its expenses until the passing of the Appropriation Bill.
The Union Budget is presented in the form of a speech by the Finance Minister, which is then followed by a discussion and voting on the Budget in the Lok Sabha.
The Union Budget also includes a ‘mid-year review’ that is presented in the form of a ‘half-yearly report’ to give an update on the government’s financial performance.
The Union Budget also includes an ‘Economic Survey’ which is prepared by the Chief Economic Advisor to the Government of India and it gives an overview of the Indian economy.
The Union Budget also includes a ‘Finance Bill’ which contains the legislative proposals for the implementation of the budget.
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FAQs:
Q: What are the expected focus areas of Union Budget 2023?
A: The Union Budget 2023 is expected to focus on providing relief to the common citizens, who have been affected by the economic slowdown caused by the Covid-19 pandemic, boosting the country’s infrastructure and creating jobs.
Q: When will the Union Budget 2023 be presented in India?
A: Union Budget 2023 will be presented on the first day of February 2023.
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