Union Finance Minister Nirmala Sitharaman will present her second Union Budget on Saturday. The first phase of the session will conclude on February 11, while the second part of the session will begin from March 2 and will end on April 3.
News18 brings a trivia of FAQs related to the Union Budget, a day before it is presented before the Lok Sabha.
What is Union Budget?
The Union Budget is an annual exercise. According to Article 112 of the Indian Constitution, the Union Budget of a particular year is a statement of the estimated receipts and expenditure of the government for that particular year. It keeps the account of the government’s finances for a fiscal year — April 1 and March 31. In simple terms, the exercise is similar to the monthly budget that is done in households.
The Union Budget 2020 is classified into Revenue Budget and Capital Budget. While Revenue Budget includes the government’s revenue receipts and expenditure, Capital Budget includes capital receipts and payments of the government.
When and where is the Union Budget presented?
Since 2017, the Union Budget speech takes places on February 1. Nirmala Sitharaman will present this year’s budget in Parliament at 11 am on Saturday.
Why is Union Budget important
The Union Budget presents annual financial record and plannings of the government. It helps in determining the economic growth of the country, by calculating the revenue and capital. This also ensures that the Government provides social justice and equality for all, with equal resource allocation.
By taking the expenditures and receipts into account, it becomes easier for the government to take steps to control inflation, deflation and economic fluctuations.