The Union Budget and the Economic Survey
The government's yearly statement of receipts and spending, presented to Parliament by the Finance Minister after a review of the economy.
What the paper can ask
- The Budget's presentation date has changed over the years, and the separate Railway Budget, presented separately since 1924, has been folded into the Union Budget.
- Morarji Desai holds the record with 10 Budgets (eight annual, two interim); P. Chidambaram and Nirmala Sitharaman have presented nine each; the first paperless Budget was in 2021. (as of 24 Oct 2026)
- The Economic Survey was first issued for 1950-51 as part of the Budget and has been a separate document since 1964, presented during the Budget Session before the Budget.
- All revenues, loans and loan repayments go into the Consolidated Fund of India; money can be drawn from it only as authorised by law. Other public money goes to the Public Account.
- The Contingency Fund, created by Parliament by law, advances money for unforeseen expenditure until Parliament authorises it; each state has its own.
Latest
Budget 2026-27 was presented on Sunday 1 February 2026: fiscal deficit target 4.3 percent of GDP, capital expenditure about Rs 12.2 lakh crore, income tax slabs unchanged. The Economic Survey 2025-26, tabled on 29 January, projected 6.8 to 7.2 percent growth for FY27.
Why exams ask
Setters ask the Article behind the Budget and the funds, the dates and mergers, who presented the first Budget, who prepares the Survey, and who controls each fund.
The full story
The Union Budget is the Annual Financial Statement of estimated receipts and spending for the coming financial year (April to March), presented by the Finance Minister. Parliament debates it, votes the demands for grants and passes an Appropriation Bill and a Finance Bill. Shortly before it, the Economic Survey reviews the year gone by. Public money sits in three pots: the Consolidated Fund, the Contingency Fund and the Public Account.
In the news
Test yourself
1.Under which Article of the Constitution is the Union Budget, formally called the Annual Financial Statement, laid before Parliament?
Correct. Article 112 requires the President to cause the Annual Financial Statement of estimated receipts and expenditure to be laid before both Houses.
Not quite. Article 112 requires the President to cause the Annual Financial Statement of estimated receipts and expenditure to be laid before both Houses. It goes into your error book.
2.Since 2017 the regular Union Budget has normally been presented on which date?
Correct. From 2017 (FM Arun Jaitley) the Budget moved from the last working day of February to 1 February. Only post-election full Budgets (July 2019, July 2024) came later.
Not quite. From 2017 (FM Arun Jaitley) the Budget moved from the last working day of February to 1 February. Only post-election full Budgets (July 2019, July 2024) came later. It goes into your error book.
3.The separate Railway Budget was merged with the Union Budget in:
Correct. The 92-year-old practice of a separate Railway Budget ended with the merger in 2017 on the Bibek Debroy committee's recommendation.
Not quite. The 92-year-old practice of a separate Railway Budget ended with the merger in 2017 on the Bibek Debroy committee's recommendation. It goes into your error book.