Union Budget

-Jyoti Joseph-Krithika Mohan-Kunal Banerjee-Jyothi Prasad

Contents Union Budget History of Indian Union Budget Time of Budget Announcement 2012 Union Budget of India Chronology

Union Budget The Union Budget of India, referred

to as the annual Financial Statement of the Country, presented each year on the last working day of February by the Finance Minister of India in Parliament.

History of Indian Union Budget India's first Finance Minister Sir R.K.

Shanmugham Chetty, presented the first Finance Budget of independent India on November 26, 1947.

Moraji Desai presented the budget 10 times, the most by any.

81 Union Budgets till now…

Types of Budget Revenue Budget:

Revenue budget includes revenue receipts and revenue expenditure.Ex: Tax Receipts, Revenue Receipts Capital Budget:

Capital includes capital receipts and capital expenditure.

Ex: Capital receipts like Recovery of loans, borrowings etc.,

Time of Budget Announcement Until 2000, the Union Budget was

announced at 5pm on the last working day of the month of February.

Mr. Yashwanth Sinha, the then Finance Minister of India in the NDA Govt.(led by BJP) of Atal Bihari Vajpayee, who changed the ritual by announcing the 2001 Union Budget at 11am.

Main Players

Ministry of Finance

Administrative Ministries

Planning Commission

Comptroller & Auditor General

Budget Touch-Up’s The Budget covers the following sectors -Financial Sector -Infrastructure Sector -Textile Sector -Coal and Power Sector -Transportation Sector -Agricultural Sector

Etc.,

2012-13 Union Budget of India Union budget of India for the year 2012-2013 was presented by the Finance Minister,  Pranab Mukherjee  on March 16,2012.

2012-13 Union Budget of India Budget Estimates - Gross Tax Receipts estimates at Rs.1,077,612 crores for FY 2012-13. - Total expenditure budgeted at Rs.1,490,925 crores for FY 2012-13.

2012-13 Union Budget of India Subsidies

-Attempt to keep subsidies below 2% of Gross Domestic Product ('GDP') during Financial Year ('FY') 2012-13 .

-Subsidies fully provided for effective administration of the proposed Food Security Legislation

-Nation-wide roll out of mobile-based Fertilizer Management System to provide complete information on movement of fertilisers and subsidies

2012-13 Union Budget of India Disinvestments -For FY 2012-13, while 51% ownership and management control to remain with the Government, disinvestments target have been set at Rs.30,000 crores

2012-13 Union Budget of India Fiscal Deficit -Increase in fiscal deficit from 4.8% in FY 2010-11 to estimated 5.9% of GDP during FY 2011-12. It is expected to drop to 5.1% of GDP during FY 2012-13

2012-13 Union Budget of India Tax Proposals -Transfer Pricing Indirect Rax

ChronologyEnactment of Budget – Stages

Presentation of Budget- Rule 213 General Discussion – 3 to 4 days Voting on Demands for Grants Passing of Appropriation Bill

Contd., Execution of Budget

Implementation of the Budget after enactment by Parliament.

Executed by various ministries/Departments under control of Finance Ministry.

References Wikipedia Times of India Indiabudget.nic.in

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