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Union Budget: Facts & Trivia

The Budget Session of Parliament is divided into two parts - the first part will conclude on February 11. The second part of the Budget Session will begin on March 2nd and conclude on April 3rd.

Photo Credit : Himanshu Kumar

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At 11.00 AM, February 1, 2020, Union Finance Minister Nirmala Sitharaman will present her second Union Budget in Lok Sabha.

The Union Budget 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.

The Budget Session of Parliament is divided into two parts - the first part will conclude on February 11. The second part of the Budget Session will begin on March 2nd and conclude on April 3rd.

Mandated as an annual event as per the 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 to March 31. In the year of General Election, however, the outgoing government presents an Interim-Budget. Post elections, the new government, once sworn in, is mandated to present another Interim-Budget.

Budget on February 1

The date of presentation of Union Budget was brought forward in 2017 — from February 28 to February 1 — by the current NDA Government. Since 2017, the Union Budget speech takes places on February 1.

Apart from presenting the statement of income and expenditure, the Union Budget also allows the government to spell out its priority areas to be under focus for the rest of the financial year. It helps in determining the path that will lead to the economic growth of the nation among other objectives. By taking the expenditures and receipts into account, it becomes easier for the government to take steps to control inflation, deflation and economic fluctuations.


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