New Delhi: Every year the Union Budget is presented on the first day of February by the Finance Minister in Parliament. The Budget will be presented at around 11 am on February 1, 2022. This will be the 4th budget of the Prime Minister Narendra Modi-led NDA government in its second tenure.
The stage is set for Union Budget 2022-23 as the FM Nirmala Sitharaman started Pre-Budget consultations with different stakeholder Groups from December 15. The finance ministry had tweeted on December 14.
Finance Minister Smt. @sitharaman will start her Pre-Budget consultations with different stakeholder Groups from tomorrow, 15th Dec 2021 in New Delhi in connection with the forthcoming General Budget 2022-23. The meetings will be held virtually. (1/2)@sitharamanoffc @PIB_India
— Ministry of Finance (@FinMinIndia) December 14, 2021
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What is Union Budget?
Also, known as the annual financial statement, a Budget is a statement of the estimated receipts and expenditure of the government for that particular year, according to Article 112 of the Constitution. The Budget accounts for the fiscal year that runs from April 1st to March 31st.
Who will present the Budget 2022-23?
The Budget 2022-23 will be tabled by finance minister Nirmala Sitharaman. Earlier in 2016, the Budget was presented on the last working day of February, which was changed by former finance minister Arun Jaitley.
What are the components of the Budget?
The Budget is divided into Revenue Budget and Capital Budget. The revenue budget includes the revenue receipts and expenditures. There are two types of revenue receipts — tax and non-tax revenue. Revenue expenditure is incurred on the day-to-day functioning of the govt and on various services offered to citizens. The Capital Budget comprises capital receipts and payments of the government such as loans from the public, foreign governments, and RBI form a major part of the government’s capital receipts. Capital expenditure is the expenditure on the development of machinery, equipment, building, health facilities, education, etc.
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