Prime Minister Narendra Modi’s government will present its first Union Budget on February 28, 2015 in the Budget session of the Parliament.
The Union Budget of India, referred to as the Annual Financial Statement[1] in Article 112 of the Constitution of India, is the annual budget of the Republic of India, presented each year on the last working day of February by the Finance Minister of India in Parliament. The budget, which is presented by means of the Financial Bill and the Appropriation bill has to be passed by the House before it can come into effect on April 1, the start of India’s financial year.
The Budget documents presented to Parliament comprise, besides the Finance Minister’s Budget Speech, of the following:
A. Annual Financial Statement (AFS)
B. Demand for Grants (DG)
C. Appropriation Bill
D. Finance Bill
E. Memorandum Explaining the Provisions in the Finance Bill, 2011
F. Macro-economic framework for the relevant financial year
G. Fiscal Policy Strategy Statement for the financial year
H. Medium Term Fiscal Policy Statement
I. Expenditure Budget Volume -1
J. Expenditure Budget Volume -2
K. Receipts Budget
L. Budget at a glance
M. Highlights of Budget
The General Budget will be preceded by Railway Budget on February 26 and the Economic Survey on
February 27.