Budget 2023: How is the budget prepared? Full details of date and time

Budget 2023

Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget for the financial year 2023-2024 in Parliament next month. This budget is being presented amidst challenges like inflation issue in countries around the world and international economic crisis due to Russia-Ukraine war. However, this is the final full budget to be tabled before the 2024 general elections. Therefore, the central government is going to take measures to take the economic development to the next level.

Like every year, this year’s budget also seems to see a fresh allocation of funds for projects named after the Prime Minister. There is no doubt that the budget includes policy changes and reforms. You won’t want to miss them. So, this message contains answers to important questions like budget date, time, live.

When will budget 2023 be presented? :   Union Finance Minister Nirmala Sitharaman is going to present the budget on February 1. The event is scheduled to begin at 11 a.m. that day. You can watch live coverage of the budget presentation on Lok Sabha TV, Rajya Sabha TV, DD News and other news channels. Likewise, you can watch it on Lok Sabha TV’s official YouTube and Twitter channels. The budget speech will also be telecast on Doordarshan.

When was the first budget presented?

The first budget in India was presented on 7th April 1860. James Wilson, a Scottish economist and one of the political administrators of the East India Company, presented the budget. However, the first budget of independent India was presented on 26 November 1947 by the then Finance Minister Shanmugam Shetty.

Who presents the budget? How much time?

Finance Minister Nirmala Sitharaman will present the budget. He delivered his speech for 2 hours and 42 minutes while presenting the budget for the financial year 2020-21. In 2019, he addressed for 2 hours and 17 minutes.

How is the budget prepared?

First, the Union Finance Ministry will issue a circular to all states, union territories, ministries, and autonomous bodies asking them to send the proposed assessment report for the coming year. After that funds will be allocated for essential needs like education, health, infrastructure etc.

Apart from this, they will also list the revenue and expenditure for the government. Following this, the Finance Ministry will prepare the budget after considering the suggestions received from various quarters. If there is any confusion, they will consult the Prime Minister.

In this case, pre-budget advisory meetings will be held on behalf of the Finance Minister. After all these a final decision will be taken on the demands. Finally on February 1, the budget presentation texts will be printed.


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