Union Budget
Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2024-2025 this morning. At this time there was rain of big announcements. today we will know how the general budget of the country is prepared? Who prepares and when does the process begin?
This is the first budget after the Modi government came to power for the third time. The budgeting process starts much earlier. Be it working people or housewives, traders or big industrialists, everyone is waiting for the budget.
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People are keeping an eye on the discounts they get from the government. Changes in Railways and Income Tax Slabs are eagerly awaited by the common man. At the same time traders and entrepreneurs also wait for tax exemption.
What is a budget?
First of all what is a budget? It is important to understand this. The word budget is said to be derived from the French word Bougette. It means a leather bag. It is said that in ancient times people kept their earnings and important documents in leather bags.
In simple terms, a budget is an accounting for a year. It estimates the revenue of the government. How much money will the government get from taxes and where will it be spent? The ‘Annual Financial Statement’ is discussed in ‘Article 112’ of the Constitution. A budget is a kind of money bill. The budget is first presented in the Lok Sabha. It is then tabled in the Rajya Sabha.
So who prepares the budget?
The responsibility of preparing the budget rests with the Department of Economic Affairs of the Ministry of Finance. Before 2016, the General Budget and Railway Budget were presented separately, but now they are presented together. Today the budget is presented every year on February 1 or the first working day of February. Economists, financial experts and many other experts play an important role in preparing it.
How is the general budget of the country prepared?
The process of preparing the general budget is started several months in advance. It is the responsibility of Finance Secretary, Revenue Secretary and Expenditure Secretary. Many meetings are held for this purpose. Every day there is a meeting with the finance minister. We have also discussed this with the Prime Minister.
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Apart from this, their opinions are taken by discussing with various chambers, organizations and associations to prepare the budget. Expenditure Secretary, Member Secretary of NITI Aayog and National Advisory Council also help prepare the budget. During this period the entire team gets support from Prime Minister, Finance Minister, Vice Chairman of Planning Commission and Economic Advisory Committee.
Privacy is fully taken care of
As big a challenge as making a budget is, keeping it confidential is also an important and huge responsibility. Finance Ministry officials work day and night to prepare the budget. Once the budget is finalised, the officers have no time for their families.
Union Budget 2024-25 proposes:
👉 Anusandhan National Research Fund to be set up for basic #research and prototype development
👉 Financing pool of Rs. 1 lakh crore to spur private sector-driven research and innovation at commercial scale #Budget2024 #BudgetForViksitBharat pic.twitter.com/LXsFqdURni
— Ministry of Finance (@FinMinIndia) July 23, 2024
They are not allowed to go near their families or have any contact with other people. Even their mobile phones are banned at the last minute of the budget. After the budget is prepared, it is kept in the most secure area in the North Block. Even birds cannot enter here.
Earlier, the budget was presented in the evening
Till 2000 the budget was presented at 5 pm. In fact, this has been happening since British times. During the British rule, India’s budget was approved in the afternoon in Britain. However, during Atal Bihari Vajpayee’s tenure as Prime Minister, Finance Minister Yashwant Singh broke the years-old tradition and scheduled the budget at 11 am. Then the budget is presented at 11 am.
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