With an aim to strengthen the economy that has been adversely affected by the COVID-19 pandemic, Finance Minister Nirmala Sitharaman is going to present the UNION BUDGET 2021 on Monday. It would be eighth Union Budget of NDA government led by Prime Minister Narendra Modi and third one for Nirmala Sitharaman as Finance Minister of India.
During the first tenure of the NDA government, it was decided that instead of the last working day of February, the union budget will be presented on the first working day of February , thus making the budget sessions advanced by a month.
The purpose of advancing the date of the union budget was to ensure that the budgeting process will start in February and will be completed before the end of March. So, the spending exercise for the next financial year could start on April 1. Since then, the practice has been continued till date.
Nirmala Sitharaman has termed this budget as a “never before” event.
This budget could be seen as a part of 4-5 mini budgets presented by Finance Minister in the wake of Coronavirus affecting the economy hard. The budget will likely to have schemes and benefits for industries to help them recover from the pandemic-induced nationwide lockdown effects.
A Paperless Budget
For the first time in the history of Independent India, Union Budget is going to be fully paperless as the Finance Ministry decided to not print the budget documents amid the pandemic.
Thus, for the first time, before the budget presentation there is no need for a lockdown in the finance ministry. Usually, before the presentation finance ministry goes through a lockdown to maintain the secrecy of the budget documents which use to be printed.
Date & Time of Budget
The budget presentation by Finance Minister Nirmala Sitharaman in Lok Sabha is scheduled on February 1, 2021. The budget speech will start at around 11 am.
Where can I watch it?
The budget speech will be telecasted LIVE on national TV channels such as Doordarshan, Lok Sabha TV, Rajya Sabha TV and Press Information Bureau (PIB) and also on their YouTube channels.
The Central Government has launched an Union Budget App for users to access budget documents easily. It is available for both Android and iOS.