Budget 2026 Process: As India moves closer to the Union Budget 2026-27, many eyes turn to Sansad Bhawan and North Block. The Union Budget is not just about tax changes or money spending.
The Union Budget of India is also called the Annual Financial Statement. It is prepared under Article 112 of the Indian Constitution. It explains how much money the government expects to earn and how it plans to spend that money in the next financial year.
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The Department of Revenue looks after income like taxes and duties. The Department of Expenditure decides how money will be spent on welfare, defence, roads, health, and education. Together, the Budget works like a money plan for the whole country. It helps guide growth, jobs, and public support programmes.
How the Budget is Prepared and Presented
The Union Budget is presented every year on February 1 so that Parliament gets enough time to discuss it before the new financial year starts on April 1. Earlier, the Budget came at the end of February. In 2017, the government changed the date to help ministries start work faster.
The Budget is prepared by the Budget Division under the Ministry of Finance. Many ministries and state governments send their needs and plans. The Finance Bill brings tax proposals. The Appropriation Bill allows the government to take money from the Consolidated Fund of India. Without this approval, the government cannot spend money.
How Many Budgets Has India Seen Since Independence?
Since 1947, India has presented:
- 73 annual budgets
- 14 interim budgets
- 4 special or mini-budgets
Budget 2026 Process
India follows many traditions on Budget Day. A week before the Budget, the Halwa ceremony takes place. The Finance Minister serves halwa to officials. This marks the start of the lock-in period. During this time, officials stay inside North Block to keep Budget details secret. Now this lock-in lasts about five days because the Budget is mostly digital.
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Union Budget Presentation
The Rail Budget came separately before this. This ended in 2016 to make planning simpler. The Budget timing also changed from 5 PM to 11 AM in 1999. Another big change came in 2019 when the Finance Minister used a bahi-khata instead of a leather briefcase.
Halwa Tradition
On Budget morning, the Finance Minister meets the President and receives curd and sugar for good luck. A Cabinet meeting follows before the speech. After the Budget, the Finance Minister talks to the media and later briefs the RBI so both money policy and banking policy stay aligned.
What should you Watch closely?
- Tax relief measures
- Fiscal deficit targets
- Capital expenditure plans
- Welfare spending and infrastructure push
- Signals on economic growth and inflation
Where to Watch?
The Budget speech is shown live from Sansad Bhawan on Sansad TV. You can watch the Union Budget live as it is presented inside Sansad Bhawan. Sansad TV shows the full speech so people across India can see it at the same time as Parliament.
The Finance Minister usually starts speaking at 11 am and finishes close to 1 pm. After the speech ends, many TV channels and digital platforms explain the Budget in simple terms
