Who Will Present The Indian Union Budget?
The Indian Financial landscape appears to be tightly embracing itself as the much-eyed Interim Budget for 2024-25 looms over to be released shortly ahead. As the Interim Budget remains all set to be released on February 1, financial players across the nation are witnessing a sense of frenzy, building inferences as the date nears.
An Intriguing History
The Union Budget of India, initiated in 1947, encompassed the Economic Survey under itself since 1950-51 but later ruled it out separately as of 1964. The first Union Budget, unveiled by then Finance Minister R K Shanmukhan Chetty, dates back to November 26, 1947, as the independent nation’s first-ever approach to scale its financial landscape. Thereafter, the journey to evolve India’s financial realm commenced, revolutionizing the nation’s economy to date.
What Is The Indian Union Budget?
The Indian Union Budget is an annual document that the Finance Ministry of India prepares. This document is presented before the Indian Parliament and outlines the government’s revenue and expenditure for the upcoming fiscal year. It encompasses numerous initiatives and budgetary policies, engulfing various sectors and allocations, and presents a comprehensive overview of the government’s financial plans.
How Is The Union Budget Different From The Economic Survey?
The Union Budget, as mentioned above, is a document presented to the parliament by the Ministry of Finance, whereas the Economic Survey is a document presented before the Union Budget. Furthermore, the Economic Survey offers an in-depth analysis of the nation’s economy, spotlighting key trends, challenges, and policy recommendations. On the other hand, the Union Budget rules out the government’s revenues and expenditures for the upcoming fiscal year.
Who Will Present The Budget This Year?
Each and every year, the Finance Minister of India unveils the document. Aligning with this, Finance Minister Nirmala Sithamaran is poised to release the document on February 1, 2024.
The upcoming budget includes fourteen different documents, including the Annual Finance Statement (AFS), Demand for Grants (DG), and Finance Bill, among many others. In addition, explanatory statements supporting the claims are also attached along with the primary filing.
Intriguingly, Nirmala Sitharaman, India’s Finance Minister, also holds the record for the longest budget speech delivered to date, speaking for a staggering 2 hours and 42 minutes on February 1, 2020. With the Indian financial landscape emerging as exceedingly dynamic, even this year’s budget is much anticipated, bringing about substantial economic reforms. Additionally, with the digital assets realm emerging as the talk of the town in recent times, crypto market fanatics within the nation are also eyeing a beneficial outcome, hoping to see the government’s positive stance orbiting the use and trading of crypto.
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Filed under: News - @ January 1, 1970 12:00 am