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Union Budget 2023 India Date and Timings

08 Jun 2023

One of the most phenomenal events in the financial world is the announcement of the Union Budget every year. The Union Budget 2023-2024 is practically at your doorstep. With the run-up to the Union Budget, so much news is in the air, and people are anxious to find out when the Budget will be announced. The Budget is crucial to investors, businesses and the financial world in general, so it is natural to be curious. The Budget highlights the Indian government’s plans for India in terms of the financial sphere. Hence, it has a long-lasting effect on people’s lives, which goes beyond just the financial result. 

The Union Budget: Important Dates

As is typical for all the budgets presented by the Finance Ministry of the Indian government, the Union Budget will be announced by the Finance Minister of India, Nirmala Sitharaman. The date for the official presentation of the Budget for this year is set at 1 February 2023. Furthermore, in alignment with the budget schedule, the Parliamentary Session concerning the Union Budget will take place a day before the actual budgetary announcement, on 31 January 2023. The Union Budget consists of a primary Budget presentation. This is the first session when the budget is initially announced. Nonetheless, subsequent budgetary sessions will be ongoing till 6 April 2023. For all those not well-versed with budget dates, the budget has been announced on 1 February every year since 2016. The Union Budget of 2023 will be spread over a duration of 27 sittings and will run through 66 days, with a recess commencing 14 February - 12 March. 

The Finance Minister, Nirmala Sitharam, has one more role while partaking in the Budget announcement. She will also be responsible for presenting the Economic Survey of India. According to reports in the media, this will be conducted on 31 January 2023. Furthermore, in accordance with common practice, the Finance Minister has acted as chairman of pre-budgetary sessions and consultations with experts from the industry. This has been done in an effort to gauge the requirements of the industry. Consequently, the work to formally announce the Union Budget 2023-2024 started much before the actual announcement is to be made. As usual, the presentation of the Union budget will be kickstarted by a combined sitting of the Rajya Sabha and the Lok Sabha with an address from the President of India, Droupadi Murmu. This will be done on 31 January 2023. 

Critical Times for the Union Budget

The announcement of this year’s budget comes at a time of economic uncertainty as far as the European and US economies are concerned. The recession threat still looms large and real for most countries. The process of compilation of the Union Budget begins months before the actual budget is presented to the Indian populace. As is usually the trend, the budget session begins at 11 am. On average, this presentation is likely to continue for a 1 - 2 hour period. Nonetheless, the duration of the Budget presentation could be shorter or longer, depending on its length and commentary by the Finance Minister of India. It is worth knowing that, in the Budget presentation of 2021, the Finance Minister’s address lasted for more than 2 hours. This was the longest in Budget history. 

Take Time Out for the Budget

The announcement of the Union Budget has financial and economic implications for the country at large and individuals. Therefore, it is worth taking some time out to see whether you can gain advantages from budgetary announcements either at a personal or business level. 

Related Articles: How Exemption-Less Taxation Will Benefit the Economy | What Taxpayers Should Expect From Budget 2023 | What Budget 2023 Would Mean For The Indian Workforce | Which Sectors Will Get the Most Benefit From The Budget 2023?

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