OpenGuide -Union Budget in India is presented annually in the month of February.But from 2017 two major changes had been applied to our budget.One of the changes is that Railway budget has been merged to General budget and the other one is that budget used to be presented in the parliament on the last working day of February since Colonial India changed to 1st of February,2017.Aspirants of UPSC IAS exams,SSC,Kerala Psc must be careful not to miss any details of the budget.Its a recurring topic for the General Knowledge section of all the exams of UPSC IAS,SSC,RRB etc.
Budget
i)It is the anticipated annual estimate of expenditure and revenue of a country or a subordinate authority like a corporation
ii)The word budget has been derived from the French word 'bougette' which means a small bag.It symbolises a bag containing the financial proposals.
iii)A Union Budget is the most comprehensive report of the government's finances,in which revenue's from all sources and outlays to all activities are consolidated.
iv)It is the Annual financial statement
v)It has to be presented before the Parliament for each financial year.
vi)Railway budget has now been merged with General Budget
vii)Years long tradition of announcing the budget on last working day of February has now been changed to 1st February,2017.
viii)Budget is stated in the Article of 112.
ix)The budget will also contain the estiamtes of the next year.
x)The budget which is presented by means of Financial bill and the appropriation bill has to be passed by the house before it can come into effect on April 1,the start of India's financial year.
Indian Budget is divided into three types:-
i)Consolidated Fund of India:It consiste of all revenue and loans recieved by the government.
ii)Contingency Fund:The fund comprises the sum placed at the disposal of the President to meet unforeseen expenditure.
iii)Public Account:It consists of all receipts and payments which are in the nature of a deposit account with the government.
There are two types of budgets:-
i)Revenue Budget:This contain current reciepts such as taxation,dividends of Public sector units and expenditure of government.
ii)Capital Buget:This contains all the capital reciepts and expenditure.
Important points about Indian Budget:-
* First budget in India presented by -Sir James Wilson
*First finance minister of Free India-R.K Shan mukhanshetty
*First budget in Free India was presented by-R K Shanmuhgan shetty
*First budget of Republic India-John Mathai
*Highest number of budget in India was presented by-Moraji Desai
*The only women who presented Budget-Indira Gandhi
