- Each year, the unveiling of the Union Budget stands as a defining event in India’s governance cycle. It transcends a simple financial report, serving instead as the government’s detailed policy roadmap, fiscal blueprint, and vision for the nation’s economic trajectory in the upcoming year. The budget outlines the methods for mobilizing public funds, their allocation across sectors, and the broader economic course the country will adopt.
- The Union Finance Minister delivered the Union Budget for 2026–27 before Parliament on February 1, 2026. Consistent with precedent, this follows the Economic Survey’s release and is profoundly informed by its analysis and identified themes.
- The official speech for the Union Budget 2026–27 and its salient features document are accessible through the India Budget Portal or the link mentioned here
What is the Union Budget?
- Constitutionally, what is commonly known as the Budget is formally designated as the Annual Financial Statement, as mandated by Article 112 of the Indian Constitution. This document presents a detailed forecast of the Government of India’s anticipated income and outlays for the upcoming fiscal year.
- Notably, while the term “Budget” is not explicitly mentioned in the Constitution, the document fulfills a vital constitutional duty: it is the mechanism through which the government obtains parliamentary authorization for its spending plans and tax proposals.
- In essence, the Union Budget serves as a declaration of:
- The government’s key policy objectives
- Its evaluation of the economy’s prospects and hurdles
- Its strategy for managing growth, social welfare, infrastructure development, and fiscal health
- Its plan for generating and distributing national resources
- The responsibility for formulating the Union Budget lies with the Ministry of Finance’s Department of Economic Affairs.