The Union Budget of India, also referred to as the Annual Financial Statement in Article 112 of the Constitution of India is the annual budget of the Republic of India set by Ministry of Finance for the following financial year, with the revenues to be gathered by Department of Revenue to identify planned government spending and expected government revenue and the expenditures gathered by Department of Expenditure of the public sector, to forecast economic conditions in compliance with government policy.

The Government presents it on the first day of February so that it can be materialised before the beginning of new financial year in April.

It is hosted without interruption from 11:00 am to 1:00 pm, normally followed up with a report by a panel assessing the changes, benefits and flaws in the budget.

[3][4] Yashwant Sinha, the then Finance Minister of India in the NDA government (led by Bharatiya Janata Party) under Prime Minister Atal Bihari Vajpayee, who changed the ritual by announcing the 1999 Union Budget at 11 am, which was earlier done at 5 pm which was a colonial practice to ensure that it matches the British morning time.

Also in 2017, departing from the colonial-era tradition of presenting the Union Budget on the last working day of February the then Minister of Finance Arun Jaitley, in the NDA government (led by Bharatiya Janata Party) of Narendra Modi announced that it will now be presented on 1 February.

[6] The printing of budget documents starts roughly one week ahead of presenting in the Parliament with a customary 'Halwa ceremony' in which Halwa (a sweet dish) is prepared in large quantities and served to the officers and support staff involved.

This ceremony is performed as a part of the Indian tradition of having something sweet before starting an important work.

Thereafter, the budget went digital with bare minimum documents printed and the bulk distribution happening via mobile app or on the website.

Going digital also meant that the lock-in period has gotten shorter to just five days from the previous one that lasted up to two weeks.

It is considered a move to strengthen Prime Minister Narendra Modi's ambitious Digital India mission.

After getting the nod from the cabinet, Finance Minister present the Union Budget in Parliament of India.

It is customary for the finance minister to address the Reserve Bank of India board after the budget.

This budget seeks parliamentary approval for the government to cover expenses for the remaining months in its term.

Moreover, regulations from the Election Commission prevent any significant policy changes that could unfairly influence voters during this critical period.

[14] Pranab Mukherjee, the first Rajya Sabha member to hold the Finance portfolio[clarification needed], presented the annual budgets for the financial years 1982–83, 1983–84 and 1984–85.

Dr. Manmohan Singh became the Finance Minister and presented the interim budget for 1991-92 as elections were forced.

Following a constitutional crisis when the I. K. Gujral Ministry was on its way out, a special session of Parliament was convened just to pass Chidambaram's 1997-98 budget.