Question 1

What is the Union Budget and what is its significance?

Accepted Answer

The Union Budget is a financial plan for the country presented by the government every year for the upcoming financial year. It charts out expected government revenue as well as expenditure.

Question 2

Why is the Union Budget important?

Accepted Answer

The Union Budget is significant because it decides the direction of the country's economic policies, taxation and government spending.

Question 3

When will the Union Budget 2026 be presented?

Accepted Answer

The Union Budget is usually presented on February 1 every year by the Finance Minister but the actual date may vary. The announcement for the same is made in advance by the Union Finance Ministry.

Question 4

What is an Economic Survey?

Accepted Answer

The annual Economic Survey is usually presented a day before the annual budget presentation. It is an official report of the economy.

Question 5

Why is an Economic Survey important?

Accepted Answer

The Economic Survey is important because it is an outlook for future policy moves that the government can make. The Chief Economic Adviser authors the Economic Survey along with the finance ministry and his team. The government, however, is not bound to follow these recommendations and it is only a policy guide.

Question 6

What key sectors will the Union Budget 2026 focus on?

Accepted Answer

The key sectors for this year's Union Budget include agriculture, healthcare, education, infrastructure, defence, digital economy and women.

Question 7

Who will present the Union Budget 2026?

Accepted Answer

Finance Minister Nirmala Sitharaman is expected to present her ninth straight Union Budget this year.

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