Budget 2023: From Date, Time To Presidential Address, Know Answers To Budget-Related Queries
The Budget 2023 will be presented amid global uncertainties. Here are some of the answers to questions related to Budget that may put to rest doubts related to one of the biggest events of the year
Union Budget, one of the biggest events of the year, is approaching. Finance Minister Nirmala Sitharaman will present the Modi government's last full-fledged Budget of its second term on February 1. The Budget 2023 assumes significance as it will be presented amid global uncertainties and the looming threat of recession and slowdown globally, issues of inflationary pressure, and geo-political concerns on the back of the Russian-Ukraine war.
The finance minister has already met different stakeholders to elicit their views and suggestions for the Budget. Starting from the common man to industry stakeholders, all eyes are set on the upcoming Budget.
The Budget is an annual financial statement that describes the government’s finances apart from determining the economic policy for the coming financial year. It is presented in the Parliament every year by the Ministry of Finance in consultation with other ministries. There are still questions pertaining to the Economic Survey which will be followed by the Budget. Here we tried to answer some of the frequently asked questions related to Budget.
What’s the time of the Budget 2023 presentation by Finance Minister Nirmala Sitharaman?
Finance Minister Nirmala Sitharaman will present the Union Budget 2023-2024 in Parliament on February 1 at 11.00 am.
When the Budget Session of Parliament starts and concludes?
The Budget Session of Parliament will start on January 31 and will continue till April 6 with a recess in between.
When will President Droupadi Murmu address both Houses on Budget Session?
President Droupadi Murmu would officially kick off the Budget session on January 31 by addressing both Houses of Parliament assembled together at 11 am.
How many phases will there be in the Budget session?
The Budget session concludes in two phases. The first part of the session will conclude on February 14, and it will reconvene on March 12 for the second part of the Session.
When will the Economic Survey be presented in Parliament?
A day before the presentation of the Union Budget, Sitharaman will present the data from the Economic Survey of India in Parliament on January 31.
What is the Economic Survey?
The Economic Survey summarises the annual economic development in the country and also points out the key challenges and their possible solutions. The survey is being prepared by the Chief Economic Adviser (CEA) Dr V Anantha Nageswaran, who was named CEA days before the Budget 2022. In Budget 2023-24, he will have a key role.
What is Union Budget?
According to Article 112 of the Indian Constitution, the Union Budget of India is the comprehensive annual financial statement on the government's capital, revenue, and expenditures. The term 'Budget' is taken from the old French word 'Bougette' which means bag. It is a detailed financial plan for the present and future based on revenue and expenditure estimates for the central government.
When does the government start with the annual Budget-making exercise?
The Ministry of Finance commenced its annual Budget-making exercise on October 10, 2022.
What is fiscal deficit?
A fiscal deficit is basically the difference between the total revenue and total expenditure of the government. Considered an important budgetary tool for explaining and understanding the budgetary developments in India, it refers to the excess of total expenditure over total receipts (excluding borrowings) during the given fiscal year. It is also an indication of the total borrowings needed by the government. A deficit is usually financed through borrowing from either the central bank or raising money from capital markets by issuing different instruments like treasury bills and bonds.
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