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Latest Budget News
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- Union Budget 2023: Defence sector capital outlay up 12% at Rs 1.62 lakh crore
- India still has to mop up Rs 34,000 crore in three months to meet disinvestment target
- Union Budget 2023 | IMA puts forward demands to govt ahead of budget presentation
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The announcement of the Union Budget every year is one of the most important events in the country. The Budget affects every single individual in India. But it is not often that many tune in to watch the Budget speech. Here are some of the commonly asked questions that people have about the Budget Presentation.
When will the Union Budget 2022-2023 will be presented in the Parliament?
The Union Budget is scheduled to be presented on February 1, 2022 at 11 am in the Parliament. The Budget will be presented on the first day of the Parliamentary session, which is also known as the Budget Session.
The traditional halwa ceremony, held ahead of the Budget presentation every year in India, marks the commencement of the printing process of the government's Budget document. The ceremony also recognises the efforts of every staff member who was a part of the budget-making process.
The ceremony is attended by the finance minister and other officials and clerks of the ministry. As per the ritual, the halwa is prepared in a large wok and served to the officials of the finance ministry who are directly associated with the Budget.
The Economic Survey is the finance ministry's yearly flagship publication. It analyses India's economic development over the previous fiscal year by offering comprehensive statistical data on all sectors including manufacturing, agricultural and industrial.
It also analyses the country's total macroeconomics over the prior year and furnishes a projection for the coming fiscal year.
Due to the absence of a full-time chief economic advisor, the Economic Survey for 2021-22 is expected to have only one volume. It will mostly comprise the data for the fiscal year across different industry verticals and will not involve the policy prescriptions that are part of the main Volume-1 (CEA).
The Railways and Healthcare sectors in India are massive and yet underachieving. Years of underspending have led to the lack of robust infrastructure in these areas. However, progress, though at a slow pace, is being made in both these areas. Here's a look at the size of the railway and healthcare budgets:
Valued at an estimated $16.2 billion, the Indian railways are the lifeline of India's transport. It is the fourth largest railway network across the globe. According to the Indian Brand Equity Foundation (IBEF) forecast, India will account for 40 percent of the global share of rain activity by 2050. The IBEF report further states that FDI inflows in railway-related components stood at $1.23 billion between April 2020 and June 2021.