Union Budget 2023: Here Are The Details, Facts And Records

Union Budget 2023: One of the biggest events of the year, Union Budget 2023 will be held on February 1, Wednesday, at around 11 AM. The upcoming Union Budget 2023 will be presented by Union Finance Minister Nirmala Sitharaman.

Union Budget is a blueprint of expenses that highlights the financial operations of the government. The budget has a great impact on every citizen of the country. It allocates funds to various ministries so that they could implement schemes. The finance minister in addition to other ministers annually introduces and officiates the Union Budget.

On January 31, a day prior to the announcement of the budget, FM Sitharaman will also present the data from the Economic Survey of India in Parliament.

The process that goes into creating the budget includes consultation, planning, and implementation. As planning, data compilation from different ministries and execution takes a long time, the entire process of compilation of the Union Budget begins at least six months prior to being presented at the parliament. It commences in August-September.

Facts about the budget after Independent India

The budget was presented in the English language till the year 1955.

The congress government started presenting the budget in both Hindi and English.

The budget was presented at 5 pm on the last working day of February till 1999. This was later changed to 11 am by Former Prime Minister Yashwant Sinha.

Former Finance Minister Arun Jaitley presented the budget speech on February 1. Since then, every year the budget is announced on February 1.

Paperless budget was presented for the year 2021-22, which was initiated after the COVID-19 pandemic.

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Union Budget: Facts & Records

Taking notes from last budget, Finance Minister Sitharaman’s speech lasted for 1.5 hours. Moreover, 2021, the speech lasted for 2 hours and 40 minutes, the longest in India’s history. The average duration for a budget presentation is about 1.5 to 2 hours.

Former finance minister Morarji Desai holds the record for the most budget presentations ever made in the nation, He delivered two interim budgets and eight annual budgets. The first budget was given by Morarji Desai in 1964, while the second budget was delivered in 1968. He twice gave the budget presentation on his birthday, February 29.