The Union Budget of India, also known as the Annual Financial Statement in Article 112 of the Indian Constitution, is the country's annual budget. It keeps track of the government's finances for the fiscal year (from 1st April to 31st March).
The Finance Minister of India presents it to Parliament every year on the 1st of February (before 2016, it was presented on the final working day of February).
Before it comes into effect on April 1, the start of India's fiscal year, the budget must be approved by the House. The budgeting process usually begins in the third quarter of the fiscal year.
The budget process has four stages viz., estimates of revenues and expenditures, the first estimate of deficit, deficit shrinking, and budget presentation and approval.
Several forms of government funds in India, including the Consolidated Fund of India, the Contingency Fund, and the Public Account, are represented in the Union Budget by the government's disbursements and receipts.
The Union Budget is divided into two parts: revenue and capital budget. The government's profit receipts and income outflow are included in the revenue budget.
The Revenue Budget consists of the Government of India's revenue receipts and the expenditure that is met using said revenue
Capital receipts (such as disinvestment, borrowing, loans from public or foreign governments, RBI, etc) and capital expenditure (like expenditure on development of machinery, health facilities, etc) make up the capital budget.
The Union Budget is of utmost importance as it assures efficient resource allocation, alters tax slabs, keeps a cap on the price of basic commodities, and aids in the reduction of unemployment and poverty levels.
The Union Budget 2022-23 will be delivered on February 1, 2022, at 11 a.m. It will be streamed live on Lok Sabha TV as well as on social media platforms such as Facebook, YouTube, and Twitter.
The focus of this year's Budget is expected to be on accelerating India's recovery from the pandemic crisis, and strengthening the national healthcare system to protect against future outbreaks.
Despite the country's worst-ever education crisis, the central government's budget for the Education Department was cut in the 2021-22 Budget. Funds to effectively address the problem of this education catastrophe are likely to be included in the budget for 2022-23.