On 1 February, Finance Minister Nirmala Sitharaman will unveil the Union Budget 2022-23. Budget 2022 will be the 10th presentation by the BJP administration since taking office in 2014.
Budget 2022 Schedule
|Budget Session||31 January to 11 February and 14 March to 8 April|
|Budget Declaration||1 February|
|Budget Declaration Timing||11 am|
The budget session of Parliament will begin on 31 January with the President’s speech to both Houses, according to a letter from the assistant secretary-general of the Ministry of Parliamentary Affairs. The first part of the Budget session will take place from 31 January to 11 February, with the panel reconvening on 14 March to meet through 8 April, pending government needs.
On 31 January, a day before the Budget, the Center is expected to give the Economic Survey to Parliament. All eyes are once again on the Budget since the announcement will coincide with India’s fight against the third wave of the pandemic. Estimates of GDP will be a significant statistic to watch.
Due to the country’s continuing lockdowns, the country’s yearly gross domestic product (GDP) contracted by 7.3 percent in 2020-21. According to current statistics given by the Centre, growth is predicted to return in a V-shaped pattern in FY22, climbing to 9.2 percent. The increased number of Omicron variant instances, on the other hand, will continue to be a hindrance.
Last year, the Finance Minister presented the Budget in a paperless style for the first time, arriving at the presentation with a tablet instead of the customary ‘bahi-khata.’ Members of Parliament (MPs) and the general public may now access budget papers with ease thanks to the Budget smartphone app, which was introduced by the FM.
What exactly is the Union Budget?
A budget, often known as an annual financial statement, is a description of the government’s expected income and expenditures for a given year, as defined by Article 112 of the Constitution. The budget covers the fiscal year, which runs from 1 April to 31 March.
Who will propose the 2022-23 Budget?
The Finance Minister will present the Budget for 2022-23. Former finance minister Arun Jaitley shifted the date of the Budget presentation to the final working day of February in 2016.
What are the budget’s components?
The budget is split into two parts: revenue and capital. Revenue revenues and expenditures are included in the revenue budget. Tax revenue and non-tax income are the two sorts of revenue. Revenue is spent on the government’s day-to-day operations and on a variety of services provided to residents.
The Capital Budget includes the government’s capital revenues and payments, which include loans from the public, foreign governments, and the Reserve Bank of India. The term “capital expenditure” refers to money spent on the development of machinery, equipment, buildings, health care facilities, and education, among other things.
What exactly is a fiscal deficit?
A fiscal deficit occurs when total spending exceeds total income, while a revenue deficit occurs when revenue expenditure exceeds revenue revenues. A revenue deficit indicates a lack of finances for the government to run its daily operations, but a fiscal deficit indicates growth, price stability, cost of production, and inflation.
What have been the changes in the Budget announcement date and time?
Traditionally, the Union Budget was announced on the last day of February (28th or 29th, as the case might be) at 17:00 pm IST. In 1999, the tradition was changed and the budget started getting announced at 1100 am IST instead. Since 2016, the date was also changed and now the Union Budget is presented on 01st Feb.
What is the ‘Budget Briefcase’?
Up until 2019, the Union Budget was printed and the documents were carried to the Parliament in a red briefcase as a ritual. In fact the term ‘budget’ itself is derived from the french word ‘bougette’ which means ‘a small bag’. In 2019, the FM changed the concept to replace it with a ‘bahi-khaata’ and subsequently the budget became paperless, presented using a tablet.
Are there any other rituals associated with the Union Budget presentation?
The Halwa Ceremony is, possibly, the most popular Union Budget related tradition. It is held before each budget presentation as recognition of the efforts of all those who were involved in drafting it. This ceremony involves all finance ministry officials and personnel directly involved in the budget making process.
Are Railway Budget and Union Budget separately announced?
Up until 2017, the Railway Budget was presented separately and usually earlier. However, since 2017, the Union Budget has become a combined overview of the health of the entire economy and future estimations, covering all sectors in the country that includes the railways.