The Union Budget for the financial year 2023-24 will be presented in Parliament on February 1, 2023. Let us tell you that the Union Budget of India is prepared after mutual discussion of many departments. In this, many other ministries of the government including Finance Ministry, Niti Aayog are also involved. The Ministry of Finance issues guidelines on the basis of expenditure and on this, the demand for funds is told by the ministries on their behalf.
Let us tell you that this will be the fifth budget of Finance Minister Nirmala Sitharaman and the last full budget before the general elections to be held in April-May 2024. In an election year, the government moves a vote on account for a limited period. After that the budget is presented in July.
Central government changed the budget tradition
The budget for the financial year 2023-24 is expected to be presented on February 1, 2023. And there is a possibility of the first budget in the new Parliament House. The central government had ended the British-era tradition of presenting the budget at the end of February. Then Finance Minister Arun Jaitley presented the budget for the first time on February 1, 2017. With this, funds are allocated to various ministries as soon as the financial year starts in April. Along with this, companies also get time to make their business and taxation plan.
