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Budget 2021: All You Need to Know Before FinMin Sitharaman Presents Her 3rd Full-time Financial Papers

(For representation)India's Finance Minister Nirmala Sitharaman is flanked by junior Finance Minister Anurag Thakur as she arrives to present the budget in Parliament in New Delhi, India, February 1, 2020. REUTERS/Altaf Hussain

(For representation)India's Finance Minister Nirmala Sitharaman is flanked by junior Finance Minister Anurag Thakur as she arrives to present the budget in Parliament in New Delhi, India, February 1, 2020. REUTERS/Altaf Hussain

This year's Budget will be of utmost importance as it comes at a time when the economy has been hit badly by the COVID-19 pandemic.

The Union Finance Minister Nirmala Sitharaman will present the Union Budget 2021-22 on February 1. The budget session will be held in two parts from January 29 to February 15 and March 8 to April 8.

This year's Budget comes at a time when the economy has been severely hit by the COVID-19 pandemic. With two-quarters of contraction, the Indian economy is in a technical recession for the first time in history.

At 11 am on January 29, President Ram Nath Kovind will address both the houses of Parliament. Finance Minister Sitharaman will start the Budget presentation with a speech at 11 am on February 1.

Halwa Ceremony

To mark the process of printing the documents of the Budget, every year, a 'Halwa Ceremony' is organised by the Finance Ministry. The ceremony will be hosted 10 days before the Budget presentation in Parliament.

However, as per the reports, breaking the age-old tradition the Finance Ministry has decided to go paperless and will not print the Budget 2021 due to the pandemic.

Expectations from Budget 2021

The main expectation from Budget 2021 is to provide a credible roadmap for economic recovery amidst COVID-19 pandemic. Economists and experts are of the opinion that the Union Budget 2021 should look to provide a fiscal stimulus, and the government at the time being should not look at meeting a tight fiscal deficit target.

With the focus on Atmanirbhar Bharat and the need for a self-reliant economy, the Budget is expected to see announcements that support domestic manufacturing, agriculture sector and to give a boost to healthcare expenditure.

Finance Minister Sitharaman formerly served as the Defence Minister of India and this year will be her third full-time budget presentation.

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