Budget 2023: Date, timings, expectations, who will present it? All you need to know

Union Budget 2023: India is all set to witness one of the biggest events of the year as Finance Minister Nirmala Sitharaman will present the Union Budget 2023 next month. This is the last full-fledged budget of the present Modi government and is also one of the most anticipated events as global uncertainties and threat of recession loom over several countries.

Union Budget 2023 date

The Union Budget 2023 will be presented on February 1, 2023. The Budget Session of Parliament will start on January 31. A day before the Budget (January 31), Finance Minister Nirmala Sitharaman will present the data from the Economic Survey of India in the Parliament.

Union Budget 2023 timing

The Union Budget for FY 2023-24 will be presented on February 1, 2023, Wednesday at around 11 am. The average duration of budget presentations is 1.5 to 2 hours.

Who will present the Union Budget 2023?

Finance Minister Nirmala Sitharaman will present the Union Budget on February 1. It will be the fifth time that Sitharaman will present the Union Budget. In 2022, the Finance Minister's budget presentation speech lasted for about 1.5 hours. Her budget speech in 2021 was the longest in India's history at 2 hours and 40 minutes.

Expectation of salaried employees from Union Budget 2023

While there were no major announcements for the salaried class last year, the section is eagerly waiting for some major announcements by FM Sitharaman. Revamping tax slabs, better incentives for home buyers, relaxation on capital gains, enhancement in standard deduction limit, exemption on personal loans are some of the key expectations of salaried employees.

Union Budget preparations

The whole process of compiling the Union Budget starts almost five-six months before it is presented in the parliament as the planning, data compilation from different ministries and execution takes a long time. The budget-making process starts in August-September, that is, about six months prior to its date of presentation.

Also Read: Budget 2023: What’s the difference between old tax regime and 2020 tax regime?