There are two surely shot free ways to watch 2011 Union Budget Live. Here is a quick recap
ET Now has a free feed (needs silverlight to work) and you can watch the live reporting from ET Now’s page.
Google has partnered with CNBC TV18 to host latter’s feeds on Youtube (channel link)
What’s important is that these are not webcasting the budget online, but reporting from their corresponding channels.
Google (i.e. Youtube) disappoints.
Yahoo/ Live Commentary
Yahoo India is doing live commentary on the Union Budget 2011 here.