India Budget 2019 know everything about budget
In Indian Government 2019 Nirmala Sitaraman is Finance Minister. She is Defense Minister before.
By the year 2000 the budget was presented in the evening at 5 o’clock. This tradition was starts from British rule but Prime Minister Atal Bihari Vajpayee broke this tradition and announce at 11 o’clock in the morning from year 2001.
And again new thing is, by the year 2016 Budget announce in February’s last week but Narendra Modi Government announce on 1st February.
What is Budget?
We will discuss this in short and in a simple way.
Budget is a government document in which the earnings and expenses of the government are written.
In this Government holds a document that how much Govt. earns and spend money, which new scheme will come up and how much to spend on it, how debt will reduce. These are some points are added in budget.
There are two parts of Budget.
In Part A they introduce what are the challenges are in moment and how fix this. That’s why Government announce some new schemes. Study all sectors and make decision’s for next years plan. There is roughly allocation of every sector.
In Part B to bring tax-related proposals to raise money for government expenditure. Money require to run any ministry so give fund to Ministry for their expenses.
Budget word is not written in Indian Constitution. So, budget is called as Annual financial statement.
In this statement 7 points are included.
- Budget Speech
- Budget Summary
- Finance Bill
- Budget Receipt
- Annual Financial Statement
- Demands for Grants
- Expenditure Budget
Some physical document have its color. Finance minister’s speech document in Light Blue colored paper.Expenditure document color is Yellow. Finance Bill is in White color.
How budget create and pass in Parliament?
This process starts Several months before. All government bodies make meetings, lots of discussion going on and final statement they create this is called Budget. It is kept confidential. Meetings with private sectors companies, farmers union, trade union, Government authorities, and some small big sector companies.
The Finance bill was introduced in Loksabha first. The ministry demands fund then they discuss this in Loksabha how much fund to get that ministry to run that scheme or its ministry. Then voting happens and after passed this bill in Loksabha it goes to Rajyasabha. Rajyasabha can debate this but cannot make any changes more than that they only recommend. If Loksabha wants that recommendation then they will change it. If the bill is not returned within 14 days, then the bill has passed in Rajyasabha.
After bill passed in Loksabha and Rajyasabha this bill goes to President and sign on it. This finance bill’s fund allocated from Consolidated fund of India.