About Lesson
D. Key Facts about the Union Budget of India
- From the budget year 2017-18 and onwards, the Union Budget is presented by the Union Finance Minister on February 1 of every year.
- Prior to the budget year 2017-18, the Budget was presented in the last week of February as per the colonial practice.
- The Railway Budget was merged with the General Budget from the fiscal year 2017-18 based on the recommendation of the Bibek Debroy Committee.
- The Railway Budget was separated from the General Budget by the British in 1924 on the recommendations of the Acworth Committee.
- The nodal agency for the preparation of the Union Budget is the Budget Division of the Department of Economic Affairs (Ministry of Finance).