10 big things related to budget: The Union Budget 2025 will be announced on Feb 1. Finance Minister of India will present the Union Budget in Parliament. This general budget, presented every year, outlines the country’s projected income and expenditure for the coming fiscal year.
The general budget directly affects the government as well as the common citizens of the country. This is the reason why all kinds of discussions about it start before the budget comes. The Union Budget plays an important role in shaping India’s economic policies. Everything from the budget to the tax system to public welfare schemes is affected.
Know the main things related to the central budget here
- The Union Budget is an account for the financial year ending March 31 of the following year, which will begin on April 1. In general terms, the government has a detailed financial plan for the expected income (revenue) and expenditure.
- The budget has been placed on the table of Parliament. After Cabinet approval, it is submitted by the Finance Minister.
- The 2025 Union Budget is announced on February 1 every year. However, its form changes in the election years. At that time, the budget is presented in two parts. An interim budget before the election and a full budget after the election results.
- Until 1998, the budget was presented at 5 pm on the last working day of February. In 1999, in the government led by Atal Bihari Vajpayee, Yashwant Sinha changed the time of presentation of the budget at 11 am. The government believed it was a more practical time for discussion and implementation.
- In 2017-18, the date of presentation of the budget was changed and it began to be submitted on 1 February. From this time, the decades-old tradition of presenting a separate rail budget was also ended.
- Funds are allocated to various government ministries and departments through the Union Budget. This budget manages sectors such as defence, education, healthcare, infrastructure and subsidies.
- The Union Budget is divided into two parts. This includes the revenue budget and the capital budget. The revenue budget is concerned with the daily expenditure of the government such as operational expenditure, salary, pension and regular services.
- The main purpose of the capital budget is to focus on long-term investments such as infrastructure development, educational projects and healthcare initiatives. However, a fiscal deficit occurs when capital expenditure exceeds the revenue budget.
- Extensive discussions take place with various government departments, experts and other stakeholders during the preparation of departments. All meetings are organised before the budget. These meetings are discussed keeping in mind the needs of the nation.
- The Union Budget plays an important role in shaping India’s economic policies. Everything from the budget to the tax system to public welfare schemes is affected. In common parlance, a budget is a document that affects not only the work of the government but also the common citizens of the country.