Union finance minister Nirmala Sitharaman will table the first Budget of the Modi 3.0 government on July 23 (Tuesday) during the monsoon session of Parliament. The monsoon session, or the Budget Session, will be held from July 22 to August 12.
The Budget presented by Sitharaman on February 1 was a vote on account, which is presented during the election year. It is essentially a stopgap arrangement to ensure that government operations continue smoothly until the new government is formed and can present a full Budget. In July, Sitharaman will present the full Budget.
Sectoral allocation in a Budget refers to the distribution of funds and resources among various sectors of the economy, such as agriculture, healthcare, defence, etc. This process involves assigning budgetary allocations based on the government\'s priorities and policy objectives.
The sector that gets the highest allocation in Union Budget varies from year to year based on the government\'s priorities and economic goals. In the Interim Budget, for instance, the defence ministry received the highest amount at Rs 6.2 lakh crore followed by the ministry of road transport and highways at Rs 2.78 lakh crore. Meanwhile, the agriculture ministry got the lowest amount at Rs 1.27 lakh crore. This, however, depends purely on the existing needs of the sector.
The duration of the speech varies from year to year. Incumbent FM Sitharaman holds the record of delivering the longest Budget speech in 2020 when she spoke for nearly 2:42 hours. Former finance minister Hirubhai Mulljibhai Patel has the record of delivering the shortest Budget speech in 1977. The speech contained just 800 words. The Budget speech is divided into two Parts: A and B. The first part contains an overview of the state of the economy, policy initiatives, estimates on expenditure and fiscal deficit. Part B contains the tax proposals - direct and indirect. Income tax and customs duties come in Part B.
