Know about the Union Budget 2024 in the easiest way
Get to know the Interim Union Budget 2024 in detail
Watch the latest videos on Union Budget 2024
The 2024 Union Budget that Finance Minister Nirmal Sitharaman will present on February 1 will not be a full-fledged Budget, but rather a vote-on-account to meet the essential expenditures such as salaries of central government staff, funding of ongoing projects, and other government expenditures for two-three months till the new government presents a full Budget.
The Union Budget is a statement of the Central government’s annual accounts for the forthcoming financial year that starts April 1. It contains details about the government's projected receivables and payables for that particular financial year. It also states how much the government will spend on its schemes, on defence, salaries of its employees and how its going to finance its expenditure.
Independent India’s first annual Budget was presented by R.K. Shanmukham Chetty on February 28, 1948, three months after his interim stock-taking of the country’s financial and economic position on November 26, 1947.
The Finance Minister presents the Union Budget in the Lok Sabha.
The Union Budget is presented in the Lok Sabha.
The Budget division of the department of economic affairs in the finance ministry is responsible for preparing the Budget. The DEA is headed by a secretary (an IAS officer). The present Reserve Bank of India Governor Shaktikanta Das was Secretary, DEA, before his retirement. He was later appointed to his current post.
There have been 73 Union Budgets so far.
The Union Budget affects the stock market because it contains provisions on taxation, which can affect companies’ profitability, and hence impact analysts’ forecasts on their valuation and future cash flows. The Budget can also impose new taxes on stock market transactions or tweak existing provisions, which may increase or reduce of transacting in the stock market. It can introduce new taxes on imports and exports, again affecting companies’ cost of operations