Facts you should know about the Union Budget 2023-24

The Finance Minister will present the Union Budget 2023-24 on February 1, 2023.

Union Budget 2023-24

If you are looking for the budget 2023 date, it is February 1, 2023. It will most likely be presented from 11 am. The Union Budget 2023-24 is highly anticipated and comes at a time when the world deals with monetary tightening, inflation, and the Russia-Ukraine war. Union Budget 2023-24 will be as crucial as many previous budgets. Sitharaman will announce budgetary allocations and new PM schemes. There might also be policy changes, and we will surely see reforms. Here are a few FAQs related to budget 2023. 

Read: Impact of Budget 2020 On NRIs

When Will the Finance Minister Present the Union Budget 2023-24? How to Watch Budget 2023?

Nirmala Sitharaman will present the Union budget 2023-24 on February 1, 2023. It will most likely begin at 11 am, and you can view it on DD News, Rajya Sabha TV, Lok Sabha TV, and other news channels. You can also visit the official Twitter and YouTube channels or Sansad TV and Lok Sabha to view it. Doordarshan, the National broadcaster, will telecast the speech. 

Concept of Budget

The government announces the Union Budget every year. It is a financial statement that details the revenue and expenditure for the upcoming fiscal. It is of two types: Capital Budget and Revenue Budget. 

Capital Budget

The capital budget has the capital expenditure and receipts. Capital receipts are largely loans from foreign governments, RBI, and the public. Capital expenditures include expenses on health, roads, infra, etc. The government incurs a fiscal deficit if the total expenditure exceeds the total revenue. 

Revenue Budget

The revenue Budget has the revenue receipts and expenditures. It consists of non-tax and tax revenue, and revenue expenditure is used in the government's daily functioning. The government incurs a revenue deficit if the revenue expenditure exceeds revenue receipts. 

Preparing a Union Budget is not child's play and involves many people. The process starts in August or September, six months before the Union Budget day on February 1. The Finance Ministry prepares it after carefully consulting with other ministries and Niti Aayog.

Read: Key highlights of Union Budget 2022

Steps Involved

The Ministry of Finance issues a circular that asks all autonomous bodies, ministries, Union Territories, and states to give an estimate for the following year. They provide rough estimates, including expenditure on infrastructure, health, education, etc. They also provide details of expenditures and revenues of the previous year. Top officials hold consultations for these proposals, and the Finance Ministry receives the data upon approval. The Ministry then reaches out to the Prime Minister or the Union Cabinet if there are any disputes. The Finance Minister then holds pre-budgets and discusses these proposals. The final calls are made, and the budget is printed and presented. 

Interestingly, budget 2023 will be the last full budget before the upcoming general elections.

Budget 2023 | What Does The Stock Market Want From FM Sitharaman?

If you are looking for the budget 2023 date, it is February 1, 2023. It will most likely be presented from 11 am. The Union Budget 2023-24 is highly anticipated and comes at a time when the world deals with monetary tightening, inflation, and the Russia-Ukraine war. Union Budget 2023-24 will be as crucial as many previous budgets. Sitharaman will announce budgetary allocations and new PM schemes. There might also be policy changes, and we will surely see reforms. Here are a few FAQs related to budget 2023. 

Read: Impact of Budget 2020 On NRIs

When Will the Finance Minister Present the Union Budget 2023-24? How to Watch Budget 2023?

Nirmala Sitharaman will present the Union budget 2023-24 on February 1, 2023. It will most likely begin at 11 am, and you can view it on DD News, Rajya Sabha TV, Lok Sabha TV, and other news channels. You can also visit the official Twitter and YouTube channels or Sansad TV and Lok Sabha to view it. Doordarshan, the National broadcaster, will telecast the speech. 

Concept of Budget

The government announces the Union Budget every year. It is a financial statement that details the revenue and expenditure for the upcoming fiscal. It is of two types: Capital Budget and Revenue Budget. 

Capital Budget

The capital budget has the capital expenditure and receipts. Capital receipts are largely loans from foreign governments, RBI, and the public. Capital expenditures include expenses on health, roads, infra, etc. The government incurs a fiscal deficit if the total expenditure exceeds the total revenue. 

Revenue Budget

The revenue Budget has the revenue receipts and expenditures. It consists of non-tax and tax revenue, and revenue expenditure is used in the government's daily functioning. The government incurs a revenue deficit if the revenue expenditure exceeds revenue receipts. 

Preparing a Union Budget is not child's play and involves many people. The process starts in August or September, six months before the Union Budget day on February 1. The Finance Ministry prepares it after carefully consulting with other ministries and Niti Aayog.

Read: Key highlights of Union Budget 2022

Steps Involved

The Ministry of Finance issues a circular that asks all autonomous bodies, ministries, Union Territories, and states to give an estimate for the following year. They provide rough estimates, including expenditure on infrastructure, health, education, etc. They also provide details of expenditures and revenues of the previous year. Top officials hold consultations for these proposals, and the Finance Ministry receives the data upon approval. The Ministry then reaches out to the Prime Minister or the Union Cabinet if there are any disputes. The Finance Minister then holds pre-budgets and discusses these proposals. The final calls are made, and the budget is printed and presented. 

Interestingly, budget 2023 will be the last full budget before the upcoming general elections.

Budget 2023 | What Does The Stock Market Want From FM Sitharaman?

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