The budget session of Parliament started on Friday. On 1 February, Finance Minister Nirmala Sitharaman will present the budget for FY 2021-22 in Parliament. The budget gives details of the government’s policies, sources of revenue and how much amount will be spent for the next financial year. After the corona epidemic and lockdown, this budget is considered to be important. The people expect great relief from the government. We are giving you information about how the budget affects the lives of ordinary people.
How does the budget affect our economy?
A budget is a blueprint for government spending and revenue collection. Its objective is to reduce economic inequality by controlling prices through balanced development. In this, through effective policies, the target is set to benefit more and more people by making proper allocation of resources to all classes. The budget identifies revenue sources — taxes etc. that are used on development and welfare activities. It not only provides direction to the industries to help them strategically and be a part of India’s development journey, but also contributes to increase income to the common people.
Why is budget needed?
All this exercise is needed to keep the economy of the country on track because if there is no plan for income and expenditure, then it is possible that the expenditure may be much more than the income. If this happens, the country’s economy may come to a standstill. If the financial condition of the country is to be maintained, it should make a better budget.
Why is budget time important?
Until 1998, the budget was presented by the Finance Minister at 5 pm on the last working day of February (usually 28 February). This practice was inherited from British rule. The budget was presented in the evening because the UK stock market opens at that time. The budget was presented in the evening to assess the effects of the budget. This was changed in 1999 during the era of the National Democratic Alliance (NDA). Budget time has been changed from 11 am to 11 am. In February 2016, the date of presenting the budget in the same NDA round was reduced to February 1 and the railway budget was merged with the general budget.
What is the significance of pudding ceremony?
Halwa ceremony is celebrated before the budget. The ceremony is of the opinion that the budget process has reached the final stage and the printing of budget documents has been done. In the budget printing process, about 100 employees in the Finance Ministry print the budget documents for 10 days without any contact. They are not allowed to contact anyone during this time. The reason behind the pudding ceremonies has been that before eating every auspicious thing something sweet should be eaten, as well as in the Indian tradition halwa is also considered very auspicious. However, this time for the first time the budget will be met in a digital way. Despite this, the pudding ceremony was organized.