The proposal was moved by the Finance Ministry after it received representations from some ministries that the annual budget exercise be completed before the new fiscal year begins on April 1 for streamlined allocation of funds.
"We are merging the union budget with the Railway budget. There will be only one budget. The functional autonomy of the Railway to be maintained," Arun Jaitley said.
To facilitate this, the Budget Session of parliament will be called sometime before January 25, a month ahead of the current practice.