This time, the budget will be very special as the first full-fledged budget of the third term of the Modi government will be presented this year. For this, pre-budget meetings are being organised under the chairmanship of Finance Minister Nirmala Sitharaman. These meetings are important parts of budget preparation. During budget preparation, the Finance Minister holds talks with stakeholders from various sectors such as the Revenue Department, Industrial Union, Farmers Union, Trade Union, Economists, etc. Relevant input for budget preparation is also provided to various ministries, states, union territories and autonomous bodies.
This is how the budget is prepared
When preparing the budget, the Department of Economic Affairs issues a circular containing information on all estimated financial expenditures. After this, the amounts are discussed between the different ministries. The Ministry of Finance then meets with other ministries and prepares a plan. After this, senior officials from all ministries discuss with the Ministry of Finance the allocation of funds. This process is a key aspect of budget preparation, where an agreement is reached between other ministries and the Ministry of Finance.
This is the main objective of the government.
The main sources of government revenue are taxes, revenue, fines, government fees, dividends, etc. Through the Union Budget presented every year in February, the main objective of the government is to invest in various sectors, increase revenue sources and promote economic growth. In addition, the government makes plans to reduce poverty and unemployment and invests in areas such as infrastructure.
What is history?
India’s first budget after independence was presented on 26 November 1947, and was presented by the first Finance Minister Shanmukham Chetty. After the Republic, the first Union Budget was presented on 28 February 1950. During British rule, India’s first budget was presented on 7 April 1860, which was presented by James Wilson, the Finance Minister of the British government.
