Union Budget Release is presented once a year. On the 1st of February, Indian Government represented by the Minister of Finance presents the country's budget for the upcoming fiscal year, which begins on April the 1st. The Budget Release features a statement of the government's economic vision and major policy initiatives aimed at increasing the country's prosperity.
The Union Budget is India's annual financial document that provides details of projected government revenues and expenditures for this particular fiscal year. This is the most complete document, which examines all spheres of the government and social life as well as determines the development goals for the next year. Some key objectives highlight the importance of Union Budget in India. Among them are the following: efficient allocation of resources, reduction of unemployment, price checks to control fluctuations and changes in tax structure. The Union Budget Release also contains information about the expected Indian GDP growth for the coming fiscal year.
The Union Budget Release has a strong influence on the Indian Rupee quotes and on national indices. Almost always the release is followed by markets fluctuations, the nature of which depends on the rhetoric and the reaction of economists and politicians.