Indian Budget - In short

 

          

   Indian budget is a significant document because it tells us about the direction that Government wants to take .It gives citizen to see which ministry takes up the most recourses and how ideally it  will use it for making developments and where they spend . Its now our time to analyze the budget and ask question to the government in right time. 

So guys were going to understand budget in short and crisp manner : 

Its an important day of whole country when budget is announced , but many of us find difficult to understand it because we are never taught in schools .

INDIAN BUDGET tells that how India is going to spend  money and how much it will earn and what will be our prime focus . 

How Indian  budget in made -

• First , Finance ministry rolls out a curriculum to all ministry to give approximate amount that they will need for upcoming year.
• These ministries then observes their expense in last financial year and adds extra money which they will need for new projects and submits the estimated amount to finance ministry . These  procedure happens in April - August .
• After collecting data that from different ministry , Finance ministry estimates the final amount and finalize the budget 
• Then budget is presented before PM and Finance minister and after their approval the budget is finally finalize .
• Before finalizing budget Finance ministry also considers the suggestion of bussiness body , famer union.

We stay in India where tradition goes hand - in -hand ,  after showing budget halwa is made and given to all members of Finance ministry . 

Economic survey of India tells us about the inflation ,expenses, revenue, etc  of previous financial year you can check it out here - ( https://www.indiabudget.gov.in/economicsurvey/  ) . 

           

How budget is presented - 

• Budget is represented in to ways 1. Announcements and  2. Accounts

1.Announcement -

• Government announces different projects and missions to take India towards a better future.
• Indian Government has decided to provide broadband network in every possible village till 2022.
• Solar Power Plant project for which India is going to spend 19500 crores and aim is to generate power of 280 GW till 2023 ends .

2.Accounts -

1. Receipt Budget - List of all sources from where money will come or revenue can be generated . For eg. Income Tax, GST& Custom , Fees , Loans , etc .
2. Expenditure Budget - Plan of expenses to be done by government  , here you can checkout the list of expenses to be done( https://prsindia.org/files/budget/budget_parliament/2023/Union_Budget_Analysis-2023-24.pdf )
3. Demands for grants for Central Government - List of ministry demanding for x amount for different projects .

             

Splitting some Facts - 

• Ministry of Finance demanded the highest that is 10 lakh crores .
• Ministry of defense demanded 5 lakh crores .
• Ministry of Consumer affairs , food  demanded 2 lakh crores. 
• Our Capital Expense are more and Revenue Expenses are less .

 Ground reality is that only 2%  Indian pays tax and we rank 118th in tax paying nation in world . While in other nations like America its 80% and China its 11% , that's why   they are growing fast in all sphere . We are not being able to achieve great heights faster and development and be a Superpower nation because of low tax paying percentage . 

My urge to you  is pay tax and be part of a country  who will grow rapidly and will be called as " Superpower Nation " in upcoming future .  

 Checkout my video on this topic (https://youtu.be/xWEb-zbR_U0 ) .

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