Everything You Need to Know About the Presentation of the Union Budget 2023

31 Jan 2023|

1 min read |

by ICICI Securities Team

Every year, the Government of India announces the Union Budget in Parliament. The Union Budget is a report on the government’s estimated receipts and expenditures for that particular financial year. The government is mandated under Article 112 of the Indian Constitution to present the budget to the populace. As a citizen, it is important to remain abreast with the government’s financial plans as they have a trickle-down effect on your daily life. Continue reading to learn more about the presentation of the Union Budget so you don’t miss out on important information.

What is the Parliamentary Budget Session?

In India, the Parliament convenes for three sessions every year. One such session is the Budget Session, held over a span of three months, with the specific dates differing each year. Normally, the Budget Session is held in two parts, with a gap of one month in the middle acting as a recess. The session is used to discuss the various facets of the Union Budget after it is announced and is considered to be one of the most crucial Parliamentary sessions annually.

As of 2023, the Parliamentary Budget Session will be held from the 31^st of January to the 6^th of April. The recess will begin on the 14^th of February and end on the 12^th of March.

When will the Presentation of the Union Budget 2023 take place?

Prior to 2016, the Union Budget was presented on the last day of the month of February. However, since 2016 it is presented on the 1^st of February. The Union Budget is always presented in the Lok Sabha by the presiding Finance Minister. Thus, the Union Budget 2023 will be presented by the current Finance Minister Nirmala Sitharaman on February 1 at 11:00 am in the Lok Sabha. Keeping up with the tradition of the last few years, the Union Budget will be presented in a paperless form. This move also aligns with the government’s Digital India campaign.

What are the popular speculations doing the rounds as we wait for the Budget?

As is tradition, prior to the presentation of the Budget, experts and analysts across the country have been abuzz with speculations, opinions, and expectations from the same. In general, there seems to be a consensus that the Budget will be growth-oriented and focus on the development of certain areas like infrastructure, railways, etc. Experts are also looking forward to changes in the tax laws, emphasising making the new income tax regime more appealing. Additionally, there is a hope that the Budget will provide relief for the middle-class population in terms of tax breaks and subsidies for healthcare and housing.

However, speculations aside, the actual measures taken by the Government will only become clear once the Budget is announced.

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