The Union Budget of India is also known as the Annual Financial Statement according to Article 112 of the Indian Constitution. The Union Budget is a statement that keeps an account of Government finances for the next fiscal year from April 1 to March 31.
The Annual Budget of India is presented by the Finance Minister on February 1(since 2016) every year. The budget includes estimated earnings from revenues and estimated expenditures of the government. The budget is classified into Revenue Budget and Capital Budget.
The most important objectives of the government budget are reallocation of resources, reducing inequalities in income and wealth, economic stability, management of public enterprises, economic growth, and reducing regional disparities.
The budget for 2021 will be presented by Finance Minister Nirmala Sitharaman on February 1.
