Here’s all you need to know about the Budget speech

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The most comprehensive report of the government’s finances – the Union Budget will be presented by Finance Minister Nirmala Sitharaman on February 1.

The Finance Minister’s speech will be closely watched as it is being touted as a historic budget.

Here are the key elements of the budget speech: 

The budget speech has two parts:

Part A:

— Gives an overview of the economic situation of the country. It also contains budget estimates for the next financial year. This includes the amount of money that the government plans to spend in the next year.

— It further details revenue assumptions and expenditure for various sectors and ministries.

— The government in this part, introduces new schemes in this part, apart from listing focus areas of the government going forward.

— Part A also talks about the funds raised by the government.

— It also discusses fiscal deficit, if any, current account details and inflation.

Part B:

— This part is shorter and describes proposals for taxation

Union Budget 2021 will be presented in Lok Sabha at 11 AM. It will be the third budget presented by Nirmala Sitharaman as the Finance Minister of India in the government led by Prime Minister Narendra Modi.

Budget 2021-2022 is expected to focus on making up for the losses suffered by the Indian economy due to the COVID-19 pandemic. The budget is also expected to boost spending on sectors like agriculture, healthcare and infrastructure.