The Union Cabinet on Friday approved the first Union Budget of the Narendra Modi government, which will be presented by Finance Minister Nirmala Sitharaman in Lok Sabha.
It will also be the maiden budget for Sitharaman, who becomes the second woman finance minister after Indira Gandhi to do so in the history of independent India.
Sitharaman will present the full-year budget for the year ending March 2020.
This will be the 89th Union budget, which is the financial statement of the government, detailing its revenue and expenditure in the past, as well as estimated spending and projections for the coming year.
In view of the general elections 2019, the interim Budget for the current fiscal was presented by Finance Minister Piyush Goyal in February this year.
Till the year 2016, the Union Budget was presented on the last working day of February. Former Finance Minister Arun Jaitley had changed the tradition in 2017 when the Union Budget was presented on February 1.
The Railway Budget will also be presented today along with the Union Budget. This practice was also begun in the year 2016, where the practice of presenting the rail budget separately was discarded.