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The Union Budget of India, also referred to as the Annual Financial Statement in Article 112 of the Constitution of India.It is the annual budget of the Republic of India set by Ministry of Finance for the following financial year, with the revenues to be gathered by Department of Revenue to identify planned government spending and expected government revenue and the expenditures gathered by ...
Government budget. A government budget or a budget is a projection of the government's revenues and expenditure for a particular period of time often referred to as a financial or fiscal year, which may or may not correspond with the calendar year. Government revenues mostly include taxes (e.g. inheritance tax, income tax, corporation tax ...
The Union Budget of India, referred to as the Annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India, presented each year on the very first day of February by the Finance Minister of India in Parliament.
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. [10] The first budget of India was presented on 18 February 1860 by Scotsman James Wilson. [11]
The Fiscal Responsibility and Budget Management Bill (FRBM Bill) was introduced in India by the then Finance Minister of India, Yashwant Sinha [1] in December 2000. Firstly, the bill highlighted the terrible state of government finances in India both at the Union and the state levels under the statement of objects and reasons. [2]
The 2022 Union Budget of India was presented by the Minister of Finance Nirmala Sitharaman on 1 February 2022, as her fourth budget. This is the third budget of Narendra Modi -led NDA government's second term. The Economic Survey for 2021–2022 was released on 31 January 2022, a day before the budget. [2]
None. Deficit. 6.71% [1] Website. www .indiabudget .gov .in. ‹ 2020. 2022 ›. The 2021 Union Budget of India was presented by the Minister of Finance on 1 February 2021. The budget is the first one to be presented orally due to ongoing COVID pandemic.
1989–91 was a period of economic instability in India and hence no Five-Year Plan was implemented. Between 1990 and 1992, there were only Annual Plans. In 1991, India faced a crisis in foreign exchange (forex) reserves, left with reserves of only about US$ 1 billion. Thus, under pressure, the country took the risk of reforming the socialist ...