The budget for 2022-23 will be released on February 1: What you need to know


New Delhi: Finance Minister Nirmala Sitharaman Ready to present Union Budget 2022-23 On February 1.
The Additional Secretary General of the Ministry of Parliamentary Affairs said in a letter that the budget session of Parliament would begin on January 31 with an address to both the houses of President Ramnath Kovind.
The first half of the budget session will run from January 31 to February 11. It will be reassembled on March 14 and will be subject to government requirements until April 8.
This will be the 10th budget since he was appointed by the Narendra Modi-led BJP government in 2014.
The budget is important because it is being announced at a time when the country is battling the third wave of Covid-19.
The central government is also likely to present an economic survey in Parliament on January 31, a day before the budget.
India’s annual Gross Domestic Product (GDP) declined in 2020-21 due to continuous lockdowns which led to disruption in economic activities. As a result, GDP fell to 7.3 percent for FY21.
According to recent data released by the Center, GDP growth is expected to pick up 9.2 per cent and see a V-shaped recovery for FY22 as restrictions eased. However, the growing number of cases due to the proliferation of omicron variants can be a bit of a hindrance. However its effect will be seen in the coming days.
As such, the GDP estimate will be the key number to look forward to.
Last year, the budget was presented in a paperless format for the first time. Sitharaman arrived for the budget presentation with a tablet instead of the traditional ‘book-account’.
She also launched Union budget Mobile application for hassle free access to budget documents by Member of Parliament (MP) and general public using simple form of digital facility.
The format for this year’s budget presentation has not yet been announced.

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