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Budget 2023: 10 interesting facts about Indian Union Budget

January 12, 2023
Bharat Times English News

budget 2023, union budget 2023, nirmala sitharaman
Image source: Freepik 10 Interesting Facts About Indian Union Budget

Budget 2023 is an annual event where the government presents its financial plans for the upcoming financial year. It is a highly anticipated event that is closely watched by economists, businesses and the general public. The Union Budget not only outlines the government’s financial plans but also gives information about its economic and social priorities.

Union Budget 2023: Full coverage

Here are 10 interesting facts about the Indian Union Budget that you may not have known:

  1. The Union Budget of India is presented in Parliament on 1 February by the Finance Minister.

  2. The budget is traditionally presented in the Lok Sabha, the lower house of the Indian Parliament.

  3. The word ‘budget’ is derived from the French word ‘boujet’ which means ‘small bag’. It refers to the small leather bag that the British Chancellor of the Exchequer used to carry budget papers.

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

  5. The Annual Financial Statement gives an overview of the government’s revenue and expenditure for the ensuing financial year.

  6. Demand for Grants is the second part of the budget and is presented in the form of Vote on Account. It is a provision that allows the government to draw money from the Consolidated Fund of India (CFI) to meet its expenses until the passage of an Appropriation Bill.

  7. The Union Budget is presented by the Finance Minister in the form of a speech, following which the Lok Sabha discusses and votes on the budget.

  8. The Union Budget also includes a ‘Mid-Year Review’ which is presented in the form of a ‘Half-Yearly Report’ to give an update on the government’s financial performance.

  9. The Union Budget also includes an ‘Economic Survey’ which is prepared by the Chief Economic Adviser to the Government of India and gives an overview of the Indian economy.

  10. The Union Budget also includes a ‘Finance Bill’ which contains legislative proposals for the implementation of the budget.

Read also: ‘Rollback Budget’, ‘Black Budget’: How India’s 9 Most Iconic Budgets Got Their Names

frequently Asked question:

Question: What are the expected focus areas of the Union Budget 2023?


a: The Union Budget 2023 is expected to focus on providing relief to common citizens who have been affected by the economic slowdown caused by the COVID-19 pandemic, boosting the country’s infrastructure and creating jobs.

Question: When will the Union Budget 2023 be presented in India?

a: The Union Budget 2023 will be presented on the first day of February 2023.

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