By reading the title of this page
you must be thinking that this blog is all about the estimations, highlights
and projections of the Union Budget 2013 -14. Well, if you are thinking that
then you are wrong because in this article I am going to discuss about who
makes a budget, how is the budget made and who presented the first Budget In
India. Hence, this article will give you an insight about goes behind making a
Union Budget.
Every year the Finance Minister
of India presents the Union Budget on the last day of February and it is
implemented from April 1. All of us wait for that one day and is glued to our
television sets keeping all our important tasks aside. Well, let us begin with the history.
BUDGET HISTORY
The first budget was presented by
James Wilson in the year 1860, the then Finance Minister of India. After
independence Liaquat Ali khan presented the Budget in the year1947-48 and the
first full fledged budget was presented by RK Shanmukham on 26th
November, 1948.
WHO MAKES THE BUDGET
The Union Budget is prepared in
consultation with three departments that is the Finance Ministry, planning
Commission and the spending ministries. All the states of India first present their
annual demand to the Planning Commission. After this, the Finance Ministry and
the Planning Commission issues all the necessary guidelines and the spending
limits.
HOW IS THE BUDGET MADE
The Budget Division issues a
circular to all the States, Union Ministries and the Union Territories and
advises them to prepare the budget for the next year. Pre Budget meetings are
made in the month of January. A final
decision is taken on the tax proposals after taking in to considerations the opinions
or amendments of the Finance Minister and the Prime Minister. Subsequently, the
Department of Economic Affairs and the Revenue Department officials organize a
meeting with the stakeholders like FIIs, Economists as well as other civil
society groups and form consent.
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