When and Where to Watch Union Budget 2023 Full Speech: Union Finance Minister Nirmala Sitharaman will be presenting the much-awaited Union Budget 2023-2024 in Parliament on February 1, 2023. This is going to be Sitharaman’s fifth budget for the fiscal year beginning April 1, 2023. Like last two years, the Union Budget this year too will be delivered in paperless form. There is a lot of focus on this budget as it will be presented at a time when the world is dealing with issues concerning inflationary pressure, the ongoing Russia-Ukraine war, global recession, and monetary tightening. Also, this is going to be the last full budget before the general elections in 2024. So that puts the present government at the steering wheel to push economic growth to a new level.
Like every year, the budget this year will also see important announcements of new PM schemes being launched with new budgetary allocations. You definitely would not want to miss the changes in policies and reforms. So, we are here with some important FAQs to keep you posted on the date, time, and other important details like where to catch the live-stream of Union Budget 2023-24.
When Will Budget 2023 Be Presented?
Finance Minister Nirmala Sitharaman will present the Budget on February 1, 2023. The presentation usually begins at 11 am. The viewers can watch the live streaming of the Budget on Lok Sabha TV, Rajya Sabha TV, DD News and other news channels.
One can also see the official YouTube and Twitter channels of Lok Sabha and Sansad TV (the official parliament channel) to stream the live presentation of the Union Budget. National broadcaster Doordarshan will also telecast the Budget speech.
When was the first Union Budget introduced?
The first time budget was introduced in India was on April 7, 1860 when Scottish economist and politician James Wilson from East India Company presented it to the British Crown. However, independent India’s first budget was presented on November 26, 1947 by the then finance minister RK Shanmukham Chetty. The total revenues then stood at Rs 171.15 crore, and the fiscal deficit was Rs 24.59 crore.
Who will present the Union Budget of India 2023-24?
Without a doubt, it will be the incumbent Finance Minister Nirmala Sitharaman who will be presenting the Union Budget 2023-2024. Fun fact! Not many know this but Sitharaman in fact holds the record for delivering the longest budget speech in 2020-21 when she spoke for almost 2 hours and 42 minutes. In fact, she broke her own record of 2019 when she gave her maiden budget speech and spoke for 2 hours and 17 minutes.
What was the total amount of the 2022 Union Budget?
The government had proposed to spend Rs 39,44,909 crore in 2022-23 showcasing an increase of 4.6% over the revised estimate of budget 2021-22. The Centre also estimated a nominal GDP growth rate of 11.1% in 2022-23.
How many types of Union Budget are there and how is it Prepared?
The Union Budget is a financial statement that is announced/released by the government every year detailing the expenditure and revenue receipts anticipated for the coming fiscal. The budget can be classified into two kinds – the Revenue Budget and the Capital Budget.
Revenue Budget includes the Centre’s expenditure and revenue receipts. While revenue receipts consist of tax and non-tax revenue, revenue expenditure is the one that will be used in the government’s functioning on a day-to-day basis and on services that are offered to citizens. If revenue expenditure is more than revenue receipts, then the Centre incurs a revenue deficit.
Capital Budget on the other hand consists of capital receipts and capital expenditure. The majority of the government’s capital receipts include loans from the public, RBI
Preparing the budget is not a one-man job for obvious reasons. The process begins in August-Septemeber every year , which is about six months prior to the final budget day, that is February 1. The Ministry of Finance prepares the budget after consulting with Niti Aayog and all the other concerned ministries.
Here are all the steps involved:
First, the Finance Ministry issues a circular asking all states, Union Territories, ministries, and autonomous bodies to prepare an estimate on their end for the coming year. Then the ministries provide initial estimates which include expenditure on education, health, infrastructure etc. Apart from this, they also give details of the revenues and expenditures in the year gone by.
After these proposals are received, top officials then hold thorough consultations. Once they are approved, the data is sent to the Finance Ministry.
After going through all the finalised proposals from various ministries, the ministry then allocates revenue to all various departments for their future expenditures. In case of disputes, the ministry reaches out to the Union Cabinet or the Prime Minister.
Then the Finance minister holds pre-budget meetings to discuss more about the proposals. After pre-budget consultations are over, the Finance Minister takes the final call on all demands. At last, the budget is printed to be presented on February 1st.