India Union Budget
The Union Budget of India is the annual financial statement presented by the Government of India, which comprises:
- How much money the government will earn (revenue)
- How much it will spend or expenditure
- How it intends to revamp the economy, support sectors, generate employment, and bring down inflation.
- It is the most important economic policy document of the year.
When is the Union Budget presented?
The Union Budget is presented every year on:
1st February
Presented by: Finance Minister of India
In the Lok Sabha (Parliament)
This allows Parliament to debate and approve it before the commencement of the new financial year on 1 April.
Who prepares the budget?
The Union Budget is prepared by:
Ministry of Finance
Department of Economic Affairs
Inputs from various ministries, departments and economic advisors
The whole process is kept confidential and lasts for several months.
Why is the Union Budget important?
It affects:
- Prices of goods and services
- Individual and corporate taxation rates
- Job opportunities
- Interest rates
- Government welfare schemes
- Infrastructure development
Overall economic direction of the country Each citizen is directly or indirectly affected by the budget.
