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What is the Union Budget, and why is it important?
The Union Budget is India’s annual financial statement presented by the Government of India, which outlines the expected revenues and expenditures for the upcoming fiscal year (April 1 to March 31). It is important for shaping the nation’s economic growth, development, and social welfare, as it allocates funds to key sectors like education, healthcare, defence, and infrastructure.
When is the Union Budget presented in India?
The Union Budget is typically presented on February 1 each year, ensuring its implementation before the start of the new financial year in April.
Who presented the first Union Budget of independent India?
RK Shanmukham Chetty, the first finance minister of independent India, presented the first Union Budget on November 26, 1947.
What is an Economic Survey?
The Economic Survey reviews India’s economic performance for the past fiscal year, providing insights into key indicators like GDP growth, inflation, and employment rates. It is prepared by the Department of Economic Affairs and overseen by the Chief Economic Advisor (CEA).
Who will present the Union Budget 2025?
Finance Minister Nirmala Sitharaman will present the Union Budget 2025 on February 1. This will be her eighth consecutive budget and the second full budget under the Modi 3.0 government.
What is the Union Budget and Interim Budget?
The Union Budget is the annual financial plan detailing the government's expected revenues and expenditures for the upcoming fiscal year. An Interim Budget, however, is a temporary budget presented when the government cannot introduce a full budget, often due to impending general elections.
What are Direct and Indirect Taxes?
Direct taxes are levied directly on individuals and entities based on their income or wealth, such as income tax and corporate tax. Indirect taxes, on the other hand, are imposed on goods and services, with the tax burden often passed on to consumers. Examples include the Goods and Services Tax (GST) and excise duty.
What is fiscal deficit?
A fiscal deficit is the gap between a government's total expenditure and its total revenue in a given fiscal year. It indicates the amount the government needs to borrow, excluding borrowings when calculating revenue.
Who prepares the Union Budget?
The Union Budget is prepared by the Budget Division within the Department of Economic Affairs, which is part of the Ministry of Finance.
Why was the Railway Budget merged with the Union Budget?
The Railway Budget was merged with the Union Budget in 2017, ending a practice that began in 1924 under British rule. This change came after a recommendation from the Niti Aayog Commission, which pointed out that the Railway Budget had considerably reduced over the years, making a separate budget unnecessary..