Union budget of India has a long tradition of itself. It is the annual financial statement in the Article 112 of the constitution of India. The first union budget of independent India was presented in the parliament by the then finance minister R. K. Shanmukham Chetty in 1947.
From then onwards every year the budget has been announced with a little variation in format or time. From this year budget is being announced on 1st of February in morning hours. The day of the month of budget declaration has been changed to keep a time buffer between declaration, implementation and monsoon in the country.
For the fiscal year 2017-2018 budget has been announced by the finance minister Arun Jetaly for the fourth time as the finance minister. This budget was primarily focused on 10 themes - farmers, rural population, youth, poor and underprivileged, infrastructure, financial sector, digital economy, public service, prudent fiscal management, tax administration – honouring the honest.
Major decisions for primary expenditure has been taken for rural and base of the pyramid population like allocation of Rs. 48000 crores for MNREGA and deduction in taxes from 10 % to 5 % for Rs. 2.5 Lacks to 5 Lacks income slab taxpayers. Also, fiscal deficit target has improved to keep at -3.2 % of the GDP. For pharma sector opening of 2 new AIIMS has been declared. For the first-time railway budget is not separate and is included in the main budget.
Due to upcoming elections in various stated, the finance minister refrained himself from declaring big and tempting moves. Rest of the declaration are quite aspirational and will surely be a profitable if implementation on a war footing.
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interesting