Union Budget 2022: Finance Minister Nirmala Sitharaman, India’s first full-time female finance minister, will submit the country’s annual financial statement for 2022 on February 1.
According to Article 112 of the Indian Constitution, the Union Budget is a declaration of the government’s expected receipts and expenditures for that particular year.
While the Narendra Modi-led BJP administration will be presenting its 10th budget since coming to power in 2014, Sitharaman will be presenting her 4th since taking office in 2019.
Speech duration:
The budget presentation could last anywhere from 90 to 120 minutes.
The FM’s speech on the 2020 Budget was the longest in India’s independent history, clocking in at almost two hours and forty minutes.
Despite presenting for 160 minutes, she was unable to complete the last two pages and had to break her speech short.
This year’s Budget is likely to focus on accelerating India’s recovery from the pandemic shock, as well as strengthening the country’s healthcare system to prevent future outbreaks.
Union Budget: What to expect from Rail Budget 2022
Where to watch Union Budget 2022?
The Union Budget 2022 will be broadcast live on Lok Sabha TV (which will be picked up by other news outlets) as well as on social media platforms like YouTube and Twitter.
On February 1, at 11 am, the FM will present the Budget to the Lok Sabha. Previously, the budget was delivered on the final working day of February.
Economic survey:
The Economic Survey will most likely be presented in Parliament on January 31 before the Budget is tabled.
The Economic Survey, the finance ministry’s flagship yearly report, examines the country’s economic development over the previous fiscal year.
It includes statistics from various industries, including industrial, agricultural, and manufacturing. It’s worth noting that India’s first Economic Survey was published in the years 1950-51.
Until 1964, the Budget and Economic Survey were presented together. Both were delinked after 1964.
Budget 2022 session in parliament:
The budget session of Parliament will begin on the date that the Economic Survey of India is presented. It will commence on January 31 with President Ram Nath Kovind’s address to both Houses.
The first half of the session will take place from January 31 to February 11.
On March 14th, the panel will reconvene to sit until April 8th.
Union Budget 2022-23: BJP MP Subramanian Swamy wants Income Tax be abolished in India? Here’s why
What to expect from budget 2022
While India grapples with the third wave of Covid-19, economists, salaried class members, and business experts have great hopes for the annual report. Estimates of GDP will be a significant number to watch.
India’s GDP shrank by 7.3 percent in 2020-21 as a result of lockdowns and more Covid-related restrictions.
Union Budget 2022: Definition, annual financial statements, surveys, policies, expenditure
