Budget 2023: Interesting facts about Union Budget

Budget 2023: Union Budget for the financial year 2023-24 is set to be presented on February 1 by Finance Minister Nirmala Sitharaman. The budget will be presented on February 1, Wednesday, at 11 AM.

Here are a few interesting facts about Indian Union Budget

-The word 'budget' is derived from the French word 'bougette' meaning a bag. Traditionally, budget documents were carried in a  briefcase that the British Chancellor of the Exchequer used to carry.

- The Union Budget is divided into two parts: the Annual Financial Statement and the Demand for Grants.

- The Annual Financial Statement (AFS), a core budget document gives an overview of the government's revenue and expenditure for the upcoming financial year.

- The Demand for Grants, the second part of the budget and is presented in the form of a vote-on-account. This provision allows the government to withdraw money from the Consolidated Fund of India (CFI) in order to meet its expenses until the passing of the Appropriation Bill.

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- Based on estimates, the three types of annual Government budgets are Surplus budget, Balanced budget, and Deficit budget.

- The budget includes an 'Economic Survey' which is prepared by the Chief Economic Advisor. The survey gives an overview of the Indian economy.

The Budget Session of Parliament starts with the address of the President to a joint sitting of Lok Sabha and Rajya Sabha. This year, President Droupadi Murmu will address a joint sitting of the Houses on January 31. The Economic Survey will be tabled on the same day. The Union Budget will be presented on the next day. The first part of the Budget Session will conclude on February 13. The session will resume on March 13 and conclude on April 6.

Also, read- Budget 2023: What is Finance Bill and how is it different from Money Bill?