The Union Budget of India is the annual report of the entire country. It contains the revenue and spending of the Central Government for the conclusion of a fiscal year, which spans from April 1 to March 31.
A country’s budget considers earnings from all sources as well as expenses from all activities. The Union Budget is made in two parts: the revenue budget and the capital budget. The document was created in collaboration with Niti Aayog and other relevant departments by the Ministry of Finance.
Following its introduction, the Union Budget must be approved by both houses of Parliament.
Every year on February 1st, the Union Budget is presented to Parliament during the Budget Session. This year’s Budget session is expected to begin on January 31 and end on April 8.
The Union Budget for Fiscal Year 2023-24 will be delivered in the Lok Sabha on February 1 at 11:00 a.m. The Budget session is divided into two parts: the first from January 31 to February 11, and the second from mid-March to early April.
The Finance Minister boosted capital expenditure for the fiscal year 2022-2023 by 35.4 percent in Budget 2023, to Rs 7.5 lakh crore, from Rs 5.5 lakh crore the previous year, that is, 2.5 lakh in Budget 2023 for this fiscal year 2023-2024.
Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, also presided over the pre-budget consultation meetings for Budget 2023-24, which were held virtually from November 21 to November 28, 2022.
More than 110 invitees from seven stakeholder groups attended the eight meetings scheduled during this time period. Agriculture and Agro Processing Industry; Industry, Infrastructure, and Climate Change; Financial Sector and Capital Markets; Services and Trade; Social Sector; Trade Unions and Labor Organizations; and Economists were among the stakeholder groups during the meeting.
