New Delhi: With the Union Budget 2026–27 approaching, focus has returned to Sansad Bhawan and North Block, where preparations for the annual financial exercise are underway. While the Budget is widely known for its tax and spending announcements, it also involves a structured constitutional process and long-standing traditions that guide how it is prepared and presented each year.
Union Budget Explained: What It Is and Why It’s Important
The Union Budget of India, officially known as the Annual Financial Statement, is prepared under Article 112 of the Indian Constitution. It presents the government’s estimates of income and expenditure for the coming financial year.
While the Department of Revenue looks after income from taxes and duties, the Department of Expenditure decides how the money will be spent. Together, the Union Budget serves as a financial blueprint for the country, showing how government funds will be used to support economic growth, welfare schemes, and major infrastructure projects.
Why February 1 Became Budget Day in India
The Union Budget is presented on February 1 to ensure there is enough time for discussion, approval, and implementation before the new financial year begins on April 1. This gap allows government departments to prepare and roll out policies without delays.
Earlier, the Budget was traditionally presented on the last working day of February. However, this changed in 2017, when then Finance Minister Arun Jaitley moved the date forward. The shift was aimed at giving ministries more time to execute schemes and spending plans right from the start of the financial year.
How and Where to Watch the Union Budget Live
The Union Budget presentation is broadcast live from Sansad Bhawan on Sansad TV, allowing viewers across the country to follow the Finance Minister’s speech in real time.
The Budget speech usually begins at 11 am and continues till around 1 pm. After the speech, several channels and platforms host expert discussions to break down the key announcements, major benefits, and areas of concern. The government also releases official Budget documents on its website and through the Union Budget mobile app for public access.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: ZEE News
