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Finance Minister Nirmala Sitharaman presented the Union Budget in the Lok Sabha on 1 February 2024 following the necessary approval from the President of India. During this presentation, the Finance Minister highlighted the crucial aspects of the document and justified the underlying thought process behind the proposed initiatives.
The Union Budget is the annual financial report of India; an estimate of income and expenditure of the government on a periodical basis. As per Article 112 of the Indian Constitution, it is a compulsory task of the government. [3] The first budget of India was presented on 18 February 1860 by Scotsman James Wilson. [4]
The Union Budget of India for 2012–2013 was presented by Pranab Mukherjee, on 16 March 2012, which was the 7th budget of his career. These budgetary proposals would be applicable for financial year 1 April 2012 to 31 March 2013. The Union Budget of India for 2013–2014 was presented by P. Chidambaram on 28 February 2013.
The government plans to cut its fiscal deficit to 4.9% of gross domestic product in 2024-25, below the 5.1% figure in February's interim budget. It reduced its gross market borrowing marginally to ...
The Fiscal Responsibility and Budget Management Act, 2003 (FRBMA) is an Act of the Parliament of India to institutionalize financial discipline, reduce India's fiscal deficit, improve macroeconomic management and the overall management of the public funds by moving towards a balanced budget and strengthen fiscal prudence.
A Finance Act is the fiscal legislation enacted by the Indian Parliament to give effect to the financial proposals of the Central Government.It is enacted once a year and contains provisions relating to income taxes, customs, excise, Central and Integrated GST and other cess, exemptions, and reliefs.
The 2023 Union Budget of India was presented by the Minister of Finance of India on February 1, 2023. This was the fourth budget of Narendra Modi-led NDA government's second term, starting from 2020. The Economic Survey for 2022–2023 was released on January 31, 2023 before the budget.
Formulation and Approval of the Union Budget: The Parliament plays a vital role in the development and endorsement of the Union Budget. It carefully examines the government's proposals for revenue generation and expenditure, provides suggestions for modifications if necessary, and ultimately grants or withholds financial allocations accordingly.