The presentation of the Union Budget is an annual event that is looked forward to by people from all strata of society ranging from corporate honchos, housewives, students, the working class and even vegetable sellers. The Budget is also known as the Annual Financial Statement. It is an estimate of the inflows and outflows of the government for a certain financial year. It lists the financial accomplishments of the previous year and enumerates the new fiscal policy to be followed during the current financial year.
According to Article 112 of the Constitution of India, a proper financial statement, giving calculated receipts and expenditures of the Union Government has to be presented before both the Houses of Parliament in respect of every financial year running from 1st April to 31st March. The Union Budget is usually declared on the last day of February. However, as the Lok Sabha Elections were scheduled to be held in April - May of 2009, an Interim Budget was announced on February 16th, 2009. This Budget provided for the financial requirements of the country till 31th July, 2009, after which, a second 'Vote on Account, from Parliament would be needed.
The Union Budget for 2009 is scheduled to be presented on 6th July, after the Budget Session of Parliament commences on 2ndJuly. It is expected to be read out by the Finance Minister at 11.00 am. The government is required to get the budget passed by July 31st, the date when the first 'Vote on Account', which allowed the government to withdraw money from the Consolidated Fund of India expires.