List of Union Budget Articles

Budget documents are not just numbers. Scrutinising them, one can understand the intention of the government, its priorities, policies and allocation of financial resources, among different regions & industries—which create a sea change in the lives of the people affected by it, Rajkumar Adukia stresses

The Indian Union Budget is prepared by the Ministry of Finance in consultation with Niti Aayog and other concerned ministries. Also, the Budget division of the department of economic affairs (DEA) in the finance ministry is the nodal body responsible for producing the Budget.

Revised Estimates are mid-year review of possible expenditure, taking into account the trend of expenditure, New Services and New Instrument of Services etc. Revised Estimates are not voted by the Parliament, and hence by itself do not provide a35ny authority for expenditure.

The Union Budget presented for 2017-18 was path-breaking in many ways. With it, the day of the budget presentation was shifted from the end of February to the first day of February.

Finance Minister presents the annual Union Budget in the Parliament generally on the last working day of February. The Budget is the most extensive account of the Government finances, in which revenues from all sources and expenses of all activities undertaken are aggregated.

A special provision is, therefore, made for "Vote on Account" by which Government obtains the Vote of Parliament for a sum sufficient to incur expenditure on various items for a part of the year.

The next Finance Minister, C.D. Deshmukh presented the first budget in the first elected Parliament on the basis of adult franchise.

The most accurate measure of economic prosperity of a country is its GDP per capita or per capita income. It is calculated by dividing the total GDP of the country by its total population.

GDP = Private Consumption + Private Investment + Government Expenditure + Net Exports. The Budget can have policy measures that can impact each of the above measures. One of the focus areas of the Interim Budget can be how to give a boost to private consumption. Private consumption, especially in rural India, remains subdued Private consumption in the Indian economy has picked up in recent […]

In order to give a boost to manufacturing, in 2019, the Government announced 15% corporate tax rate for new manufacturing companies that are set up before 31

The Interim budget that will come on 1st February, 2024 is the budget before the General Elections. Will the government opt for the path of fiscal consolidation and conservatism in this budget? Its fiscal deficit target for FY 24 is 5.9% of GDP. Will it opt for a lower fiscal deficit target in Interim Budget? Budgets just before elections tend to be populist Budgets just […]

Interim Budget 2024 was as per expectations. The Government did not announce any major changes. Both direct and indirect tax rates were kept unchanged; same for corporate tax rate. Revised fiscal deficit estimate for FY 24 was announced at 5.8% of GDP. For FY 25, the fiscal deficit target has been set at 5.1% of GDP. The Finance Minister once again reiterated the government’s commitment […]

Every year on the day before the Budget, the Economic Survey for the previous financial year is presented. This year the government has not presented the Economic Survey. It has probably done so because interim budget is

The term Union Budget came to the fore because India is the Union of States. The Constitution of India has established the federal form of Government in India. Therefore, it is called the Union of States.

The Union Budget of India contains a list of financial proposals and estimates and is generally referred to as the ‘Annual Financial Statement’ under Article 112 of the Constitution of India.

The key feature of Interim Budget 2024 is that it reiterated government’s commitment to fiscal consolidation and conservatism. It has set 5.1% fiscal deficit target for FY 25. For FY 26, the budget has projected fiscal deficit target of 4.6% of GDP. For FY 24, the revised estimate of fiscal deficit target has been kept at 5.8% of GDP. Fiscal deficit target as a % […]

Stock markets have responded blandly to the Interim Budget. At 2:25 p.m. on interim budget day, 1st February, 2024, Nifty 50 is down by 0.046%. Sensex is down by 0.086%.

The textile industry is a traditional industry of India. The industry has a host of expectations from the budget. It thinks that the full year budget in July will be able to meet these expectations in a better way. One expectation from the interim budget is that Remission of Duties and Taxes on Exported Products Scheme (RoDTEP) be extended till September 2024.

In the interim budget, the central government may opt for increasing allocation to Pradhan Mantri Awas Yojna (PMAY) or affordable housing scheme. Increasing allocation to this scheme is justified on the ground that higher interest rates have increased the cost of home loans for Indians. In the past two years, demand for middle income category housing has gone down because of higher interest rates. On […]

One of the few sectors for which government announced incentives in the Interim Budget is the seafood exports sector.

The hospitality industry was among the industries most severely hit by Covid lockdowns. The industry expects more incentives from the Interim Budget. One of its key expectations is that GST rates on hotel rooms should be lowered. Currently, GST rate on hotel rooms is 12% for rooms priced below Rs 7,500. For rooms that are priced above Rs 7,500 per night, the GST rate is […]

The real estate sector saw some slowdown in demand for affordable and middle income housing segments in the past 2 years. This happened because of successive increases in interest rates by RBI. These increases increased the cost of borrowing for home loan borrowers. The sector now expects the interim budget to provide some incentives to give a boost to demand for affordable and middle income […]

A demand of the oil & gas industry from the budget is to eliminate the import duty on natural gas. Currently, import of natural gas has an import duty levy of between 2.5% and 5%, depending on the form of its import. On the other hand, import of crude oil attracts 0% import duty. Elimination of import duty on natural gas will make it cheaper […]

Budget documents are not just numbers. Scrutinising them, one can understand the intention of the government, its priorities, policies and allocation of financial resources, among different regions & industries—which create a sea change in the lives of the people affected by it, Rajkumar Adukia stresses

When the expenditures of a government are more than its revenues in a given financial year, it is known as fiscal deficit. When the revenues of the government are more than the expenditures, then it is known as fiscal surplus.