New Delhi: The Union Budget plays a critical role in signalling changes in the strategic direction of the government, particularly in relation to revenues and investments. A shift in fiscal policy, the introduction of new taxes, or a significant reallocation of government spending signals a change in priorities that can have a profound impact on the broader economy. Whether the focus is on boosting infrastructure investment or addressing climate change, the Budget provides a comprehensive view of the government’s long-term vision for the future.

While it is indeed a statement of accounts, the Union Budget has evolved in recent years, largely thanks to media coverage, into more than just a fiscal document—it has become a national event. Its unveiling sets the tone for economic discussions, expectations, and analyses for the entire year, with the media amplifying its significance and turning it into a key moment in India’s political and economic calendar. This shift in the framing of the Budget has elevated its importance, making it a focal point for national debates on fiscal management and policy priorities.

Historically, the Union Budget has been viewed as a critical instrument for shaping the country’s economic direction, and its importance cannot be overstated. However, the Modi government’s approach—announcing policy changes and budgetary allocations throughout the year—raises important questions about the continuing relevance of the annual Budget as the central pillar of India’s fiscal planning. While some argue that policy should be dealt with separately and that budgetary allocations should be tracked like work in progress, this perspective misses the crucial role that the Budget plays in framing long-term national priorities that require careful deliberation, strategic planning, and........

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