Things to do on the day of the Union Budget

This year’s budget is significant majorly for two reasons first, the country will be welcoming the budget amid the COVID-19 pandemic, and secondly, for the first time in history, the Union Budget will be presented digitally. Amid major concerns over the impact of the coronavirus crisis on India’s falling economic growth, Finance Minister, Nirmala Sitharaman, is all set to present the Union Budget on February 1, 2021.

On the economic front, stock markets are achieving new heights every day showing signs of recovering post COVID-19 pandemic. With the signs of the economy getting back on track, Budget 2021 will also be looked upon as a transforming event which is expected to lift and give an impetus to the entire economy. 

To boost economic growth and sustain the stumbling GDP, the Government is all geared up for Budget 2021. Unlike every year’s budget, the expectations of the common man will be different as we are still in the phase of transition. In such scenarios, it will be important to see what Budget2021 holds for the common man and how the government plans to put back the economy on track. It is expected that the union budget will majorly focus on tax rebates, incentives to major sectors,policies to boot savings and investment in the economy. What holds in those documents, nobody knows exactly? 

But it is always advisable to be prepared in advance.

Like other important events that influence the Indian stock market, the budget day is undoubtedly one of the most important events. Whether you are an investor or a trader, it’ll be vital for you to closely monitor the budget presentation. And to do that, it is important to prepare for budget day. If you are clueless about how to go about this, Wait! We are there to help you with your budget to do list. 

Here is a list of things  that you should do before and on the day the Union Budget. So, here we go: 

Strong internet connectivity  

Ensuring strong net connectivity should be on top in your checklist for the budget day.Having a good connectivity is essential if you are planning to invest amid the live budget announcements. Frequent loss of connectivity can cause you to miss on certain key announcements, thereby impacting your investing decisions. Relying on mobile internet will not be a good idea, therefore it will be advisable that you stay connected to the Wi-Fi. Any fault in connectivity might toss the game against you. 

Charge your devices

After you have checked your network connectivity, it is equally important that all your devices such as your smartphone and your laptop are fully charged before you start your day on the day of the Union Budget.

Keep  a notebook and a pen handy

It is quite possible that you do not  understand every single announcement that is  made during the budget. Don’t worry! All you need to do is take a pen and paper and write down what you don’t understand.  Once you have written these terms or jargons related to budget you can always check them on the web or ask someone who is a professional in the field of finance for your better understanding.

Ensure that you have all your essentials

Taking into account last year’s budget speech that lasted for around 2 hours and 43 minutes, it’s possible that this year’s  Union Budget is also to be as lengthy as the previous year’s. Therefore,  it is necessary to keep all your essentials such as notepad, laptop and mobile charger, water bottles, food, etc at your disposal. In this way, you wouldn’t have to take a break, thereby minimizing the chances of missing out on the budget announcements.  

Ensure adequate funds in your trading account

It is vital to ensure that your trading account has enough balance before the budget session starts. If you find the balance  to be low, add some funds in your account to ensure adequate liquidity. Having adequate funds in your trading account will help you to enter in trades to take advantage of the price swings and make the most of your investment during the budget session. 

There is no set rules for the market

Getting into the right frame of mind-set is vital to adequately prepare for the Union Budget. During the budget announcements, the share market is expected to be volatile and its movements are unpredictable. Therefore, it is possible that your trading strategies, technical trading indicators, etc etc might not go in your favour as you would have expected. Since the share market is driven primarily by the public sentiments on the day of budget,  it will be  a good idea to  follow the market trends and invest accordingly to make most of your money.

Seek expert  help 

If you are an amature and don’t know what parts of the budget to concentrate on or what announcements you should keep an eye on, it’s advisable to seek help from a professional. Professionals in the field of finance like CAs, taxation experts, financial analysts,etc will be able to guide in your investing activities amid the budget. 

Conclusion

Now that you are all set for the budget day, all that you need to do is to tune into the speech at 11 A.M. on February 1,2021. The Union Budget begins with the introductory speech of the Finance Minister, you might feel a little bored. However, it is not a good idea to do so. The introductory speech is basically a brief highlight of the theme of the budget and an overview of the state of the nation’s economy, which can help you to map your trading activities accordingly. 

Hope this to do list helps you in making the most of your investing.