Union Budget, the most comprehensive report of government's finances, consolidates revenues from all sources and outlays for all activities. It is prepared by the budget division in the Ministry of Finance after consulting with other ministries. Finance Minister Nirmala Sitharaman will present the full-year budget for the year ending March 2020 on July 5. It will be the first budget of the Prime Minister Narendra Modi government in its second term. The interim budget for the year 2019-20 was presented by then Finance Minister Piyush Goyal on February 1.
Here are 5 things to know about Union Budget of India:
1. The economic survey will be tabled on July 4 followed by the presentation of the Budget on the next day. The session will have a total of 30 sittings.
2. The Economic Survey summarises the annual economic development in the country. It facilitates a better appreciation of the mobilisation of resources and their allocation in the Budget.
3. The Union Budget for 2019-20 will be presented in the Lok Sabha on Friday, July 5, 2019 at 11.00 am and after presentation of the Budget, the respective Houses will be adjourned for the day.
4. Until the year 1999, the Union Budget was announced at 5 pm on the last working day of February. Former finance minister Yashwant Sinha changed the budget presentation ritual by announcing the 1999 Union Budget at 11 am.
5. Till 2016, the railway budget was presented a few days before the Union budget. However, in September 2016, the government scrapped the 92-year-old practice of presenting rail budgets and general budgets separately.
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