Union Budget 2022 Session: Check Schedule, timings, expectations and other details

The Union Budget 2022-2023 will be presented by Finance Minister Nirmala Sitharaman in the Parliament at 11 am. The budget will be presented in a paperless format for the second year in a row through a tab, instead of the traditional 'bahi khata'.

The Budget session of the Parliament began on January 31st with the address of President Ram Nath Kovind to both the Houses of the Parliament. Union Finance Minister Nirmala Sitharaman tabled the Economic Survey 2021-22 in the Lok Sabha. The Economic Survey 2021-22 projects India's GDP to grow at 8-8.5 percent in FY 23 and the GDP growth for the ongoing fiscal year has been estimated to be 9.2 percent.

Read more: Economic Survey 2022: 8-8.5% GDP growth projected for FY23, 9.2 percent for ongoing FY22 

There are a lot of expectations riding on the Union Budget 2022-23, especially in terms of initiatives to aid MSMEs and sectors that have been the hardest-hit by the COVID-19 pandemic. There are also expectations that there will be a change in income tax slabs this year, as last year no major change was announced. 

Read more: Education Budget Expectations 2022: Experts demand Revision of Tax Slabs, Revisiting High GST on Education Services

The duration of the Union Budget 2022-23 is expected to be between 90 to 120 minutes. The address by the Finance Minister during the 2020 Union Budget was the longest in the history of Independent India as it lasted roughly two hours and forty minutes. 

Check below the dates of the Budget Session, schedule, and other important details.

Where to watch Union Budget 2022?

The Union Budget 2022 presented by Finance Minister Nirmala Sitharaman on February 1, 2022, will be broadcasted live on Lok Sabha TV (which will be picked by other news channels) as well as on social media channels, such as Twitter and Youtube. 

Read: Union Budget 2022: What can be expected for education sector?

Union Budget 2022 Date and Schedule

Union Budget 2022: When Economic Survey will be Presented?

The Economic Survey will be presented by the Central Government on January 31, 2022. The Economic Survey is prepared under the guidance of the Chief Economic Advisor (CEA) and will be presented a day prior to the Budget.

The Economic Survey typically sets the context for the Union Budget and gives the preview of the trends of various sectors. The document prepared by the CEA also tracks the state of the economy in the past year and showcases the key challenges.

Read: Union Budget Expectations 2022: What to expect from Union Budget of India

Union Budget 2022: Expectations, Key Highlights, Income Tax Slabs

• The upcoming Union Budget session to be presented by Finance Minister Nirmala Sitharaman on February 1, 2022, can see the plans of igniting India’s capex cycle and also laying the roadmap for fiscal consolidation.
• The Union Budget can also see a higher outlay on healthcare schemes and capital expenditures that aims at boosting India’s further inclusion in the global supply chain.
• The Finance Minister, as in her first year, had initiated bold tax reforms by lowering the corporate income tax to 25% and a very competitive 15% tax rate for the new manufacturing industries.
• As India’s economy struggles with the pandemic, there is some room left for the Finance Minister to offer some tax concessions. For the salaried class that has been hit hard by the pandemic, relief can be expected to increase the income in hand and support the increasing demand.
• The focus of the Union Budget 2022 session is expected to be on speeding up India's recovery from the pandemic shock. It is also expected to focus on strengthening India's education system. 
• Tax breaks for the employees Working From Home can also be on the Union Budget 2022 expectations. The existing standard deduction must not be perceived as a limit to cover the deduction from work from home allowance. 

Budget 2022 Session: COVID-19 protocols to be followed amid Omicron scare

As India sees a surge in COVID-19 cases, it will be mandatory for the MPs as well as those entering the Parliament Building to carry a negative RT-PCR test report and the vaccination certificate.

A decision on whether the two houses will meet simultaneously or in separate shifts to ensure that not many people are present in the complex is yet to be taken.