Newly appointed Finance Minister Nirmala Sitharaman will be presenting the Union Budget 2019 on Friday, July 5, in the second term of the Narendra Modi government. It will be the maiden budget for Sitharaman, who is the second woman finance minister after Indira Gandhi to do the same in the history of independent India.
Article 112 of the Indian Constitution describes the Union Budget as the annual financial statement of the estimated receipts and expenditure of the Government of India for a particular year, that is presented before the Houses of Parliament. Union Budget is classified into Revenue Budget, which includes the government's revenue receipts and expenditure, and the Capital Budget that consists of capital receipts and payments.
This will be the 89th Union budget, which is the financial statement of the government, detailing its revenue and expenditure in the past, as well as estimated spending and projections for the coming year.
The Railway Budget will also be presented today along with the Union Budget, as has been the case since 2016. The Budget speech will begin around 11:00 am today with Sitharaman addressing to the speaker of Lok Sabha. Usually, the duration of the presentation ranges from 90 to 120 minutes.
The Finance Minister on Thursday tabled in Parliament the pre-Budget Economic Survey for 2018-19, which projected the state of the economy and outlined its challenges. The survey was released by Chief Economic Adviser Krishnamurthy Subramanian on Thursday, June 4.
With the Lok Sabha 2019 elections in April-May, the Interim Union Budget of India for the year 2019 was presented by interim Finance Minister Piyush Goyal on February 1, 2019. The government introduced Pradhan Mantri Kisan Samman Nidhi and Pradhan Mantri Shram Yogi Mandhan in the interim budget.