Part A of Budget Speech
The first part of the budget details the state of the economy in the previous financial year and the current financial year. Apart from this there is an assessment of the financial accrual cost of the next financial year. That is, the expenditure of the government on various sectors, the new schemes for these sectors and the priorities of the government are included in this section. Part A details how much debt the government will raise through taxes and borrowing, and then how much will be spent on each ministry. Apart from this, the government presents details of economic survey, fiscal deficit, current account deficit and inflation in this section.
Union Budget 2023: What will railways get from the budget? ‘This’ is likely to be a big announcement
Part B of Budget Speech
Most people pay attention to Part B as it contains tax related declarations. In this area, the Finance Minister will announce the tax proposal for the coming financial year. Apart from this, the taxpayers are informed about the state of the economy, the progress of the government in various sectors and the direction of future policies in this area. Any change in the existing tax system is explained in this section. Before the end of the budget speech, the finance minister presents the annual financial statement. It contains a complete assessment of receipts and expenditure for the next financial year.
Union Budget 2023: Did you know that budget makers are under house arrest?
Nirmala Sitharaman was the first full-time woman finance minister to present the budget for the first time in 2019. She is the second woman finance minister to present the budget after former Prime Minister Indira Gandhi. Sitharaman gave the longest speech in 2020 for 2 hours and 42 minutes. After all, he gave a budget speech of only 1 hour and 31 minutes. Last year he gave a speech of only 1 hour 31 minutes.