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Friday 27 February 2015

UNION BUDGET AND ITS IMPORTANT FACTS



THE WORD BUDGET : INTRODUCTION

THE WORD BUDGET WAS DERIVED FROM THE MIDDLE ENGLISH BOWGETTE, WHICH CAME FROM MIDDLE FRENCH BOUGETTE, WHICH IN TURN IS A DIMINUTIVE OF BOUGE, MEANING A LEATHER BAG.

BUDGET : BRIEF HISTORY

  • BUDGET WAS FIRST INTRODUCED IN INDIA ON 7TH APRIL, 1860 FROM EAST-INDIA COMPANY TO BRITISH CROWN.
  • THE FIRST FINANCE MEMBER, WHO PRESENTED THE BUDGET IN INDIA, WAS JAMES WILSON ON 7TH APRIL, 1860.

UNION BUDGET OF INDIA

  • 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 LAST WORKING DAY OF FEBRUARY BY THE FINANCE MINISTER OF INDIA IN PARLIAMENT.
  • THE BUDGET, WHICH IS PRESENTED BY MEANS OF THE 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.

SOME IMPORTANT FACTS OF BUDGET AFTER INDEPENDENCE

  • AFTER INDEPENDENCE, INDIA’S FIRST FINANCE MINISTER R.K. SHANMUKHAM CHETTY, PRESENTED THE FIRST BUDGET AT 5 PM ON 26TH NOVEMBER, 1947.
  • THE FIRST BUDGET OF THE REPUBLIC OF INDIA WAS PRESENTED BY JOHN MATHAI ON FEBRUARY 28, 1950.
  • JAWAHARLAL NEHRU WAS THE FIRST INDIAN PRIME MINISTER TO PRESENT THE UNION BUDGET- FINANCIAL YEAR 1958-59.
  • INDIA'S ONLY WOMAN FINANCE MINISTER WHO PRESENTED THE BUDGET– INDIRA GANDHI.
  • INDIRA GANDHI WAS THE SECOND INDIAN PRIME MINISTER TO PRESENT THE UNION BUDGET.
  • MORARJI DESAI, THE FORMER FINANCE MINISTER OF INDIA, PRESENT THE BUDGET A RECORD 10 TIMES. THIS IS THE MOST BY ANY FINANCE MINISTER IN THE HISTORY OF INDIA.
  • RAJIV GANDHI BECAME THE THIRD PRIME MINISTER TO PRESENT A BUDGET AFTER HIS MOTHER AND GRANDFATHER- IN 1987-88.
  • R. VENKATARAMAN IS THE FIRST FINANCE MINISTER OF INDIA WHO LATER BECAME THE PRESIDENT OF INDIA FROM 1987-92.
  • PRANAB MUKHERJEE BECAME THE SECOND FINANCE MINISTER OF INDIA WHO LATER SERVED AS THE PRESIDENT OF INDIA.
  • C.D. DESHMUKH THE FIRST INDIAN GOVERNOR OF THE RESERVE BANK OF INDIA AS WELL AS THE FINANCE MINISTER, PRESENTED AN INTERIM BUDGET FOR 1951-52. 

GENERAL BUDGET 2015-16 HIGHLIGHTS AND SUMMARY

  • BUDGET 2015-16 MARKS THE BEGINNING OF CO-OPERATIVE FEDERALISM AND EMPOWERMENT OF THE STATES.


SEVERAL NEW SCHEMES ANNOUNCED

  • MICRO UNITS DEVELOPMENT REFINANCE AGENCY (MUDRA) BANK TO REFINANCE MICRO FINANCE INSTITUTIONS
  • PRADHAN MANTRA SURAKSHA BIMA YOJANA TO COVER ACCIDENTAL DEATH RISK OF Rs. 2 LAKH FOR JUST Rs. 12 PER YEAR PREMIUM
  • ATAL PENSION YOJANA FOR DEFINED PENSION, GOVERNMENT TO CONTRIBUTE 50% OF THE PREMIUM
  • PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA TO COVER BOTH NATURAL AND ACCIDENTAL DEATH RISK
  • PROPOSAL TO CREATE SENIOR CITIZEN WELFARE FUND
  • NATIONAL INVESTMENT AND INFRASTRUCTURE FUND PROPOSED
  • TAX FREE INFRASTRUCTURE BONDS FOR PROJECTS IN RAIL, ROAD AND IRRIGATION SECTORS
  • SETU (SELF-EMPLOYMENT AND TALENT UTILISATION) MECHANISM TO SUPPORT START-UP BUSINESSES
  • 5 NEW ULTRA MEGA POWER PROJECTS TO BE SET UP
  • GOLD MONETISATION SCHEME TO REPLACE PRESENT GOLD DEPOSIT AND GOLD METAL LOAN SCHEMES
  • ANOTHER RS. 1,000 CRORE FOR NIRBHAYA FUND
  • NEW INSTITUTIONS INCLUDING AIIMS, IIT AND IIM TO BE SET UP
  • TOTAL EXPENDITURE ESTIMATED TO BE Rs. 17,77,477 CRORE, FISCAL DEFICIT TO BE 3.9% OF GDP
  • OBJECTIVE OF STABLE TAXATION POLICY AND A NON-ADVERSARIAL TAX ADMINISTRATION
  • FIGHT AGAINST SCOURGE OF BLACK MONEY TO BE TAKEN FORWARD
  • EFFORTS ON VARIOUS FRONTS TO IMPLEMENT GST FROM NEXT YEAR
  • NO CHANGE IN RATE OF PERSONAL INCOME TAX.
  • PROPOSAL TO REDUCE CORPORATE TAX FROM 30% TO 25% OVER THE NEXT FOUR YEARS, STARTING FROM NEXT FINANCIAL YEAR.
  • RATIONALIZATION AND REMOVAL OF VARIOUS TAX EXEMPTIONS
  • INCENTIVES TO REDUCE TAX DISPUTES AND IMPROVE ADMINISTRATION
  • EXEMPTION TO INDIVIDUAL TAX PAYERS TO CONTINUE TO FACILITATE SAVINGS
WITH BEST WISHES FROM

MANTRAM STUDY GROUP
SCO 80-81, 2ND FLOOR SECTOR 15D, CHANDIGARH


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