Check Out Some Interesting Facts About Union Budget 2023
The announcement of the Union Budget is a highly anticipated event before the start of every financial year. From giving an overview of the government’s financial plans and revealing their economic and social priorities the Budget presentation is very insightful. Whether it’s the general public, well-known economists, and industrialists, everyone looks forward to the proposals and announcements made in the Union Budget.
Following are interesting facts about Union Budget 2023 to know:
- The Union Budget 2023 will be presented by Finance Minister Nirmala Sitharaman on February 1 in the Lok Sabha, the lower house of the parliament. This will be the last full Budget presented in the current government’s tenure ahead of the 2024 general elections.
- The word ‘Budget’ comes from the French word ‘Bougette’ which means a bag. Back in time, the British Chancellor of the Exchequer carried budget documents in his briefcase. Hence, the Budget came to be known so.
- Independent India’s first Union Budget was presented by RK Shanmukham Chetty on November 26, 1947.
- The Union Budget comprises the Annual Financial Statement (AFS) and the Demand for Grants.
- The AFS gives a summary of the government’s estimated revenue and expenditure for the next financial year, while the Demand for Grands seeks approval for the withdrawal of funds from the Consolidate Fund of India to help the government meet their expenses until the Appropriation Bill is passed.
- Another Budget 2023 fact is that the government presents Budgets based on the revenue and expenditure estimates – Surplus Budget, Deficit Budget and Balanced Budget.
- The Budget also includes the ‘mid-year review’. This is represented as the ‘half yearly report’ giving an insight into the government’s performance by far.
- Another inclusion of the Union Budget is the ‘Economic Survey’. It is a document prepared by the Chief Economic Advisor to the Indian government. The survey is tabled in the Parliament a day ahead of the Union Budget and gives an idea of the Indian economy’s current standing.
- Earlier, the Railway Budget was presented separately, but it was merged with the Union Budget in 2017.
- Once the Budget is presented, it is followed by discussion and voting on the Budget in the Lok Sabha.
Timeline of Union Budget 2023 presentation
- The Budget session of the Parliament will commence with President Droupadi Murmu’s joint address to both houses on January 31.
- The Economic Survey will also be tabled on January 31.
- The Union Budget will be presented the following day i.e., February 1.
- The first Budget session of the Parliament will conclude on February 13.
- The second Budget session will commence on March 13 and conclude on April 6.