Finance Minister Nirmala Sitharaman is set to present the Budget 2019 on July 5. This will be the first Budget of the Modi government after winning the Lok Sabha elections.
Union Budget is an annual financial statement of estimated receipts and expenditures of the Government of India. Under Article 112 of the Constitution of India, the central government is constitutionally bound to lay down the 'annual financial report' of the country. Budget document details how much money the Union government expects to raise in the coming financial year, and how and where it intends to spend that money.
The Budget is prepared by the Finance Ministry in consultation with other ministries. Officials from the ministry also hold talks with the private sector, non-governmental organisations and other stakeholders.
After the country's independence, R K Shanmukham Chetty was the first finance minister of India to present Union Budget. The Budget was presented on November 26, 1947, for the time up to March 31, 1948.
In 1970, Indira Gandhi became the first woman finance minister of India to present a Budget in Parliament.
Yashwant Sinha in 2001 broke the colonial practice of announcing the Union Budget at 5 in the evening by presenting the Atal Bihari Vajpayee-led NDA government's Budget at 11 am.
The former prime minister of India, Morarji Desai, who presented 10 Union Budgets, holds the record of presenting the most number of Union Budgets in the history of independent India.