Budget 2024: In preparing the country's budget, attention is paid to special things, know what these things are
To prepare the budget, the Finance Minister holds discussions with stakeholders from various sectors like the Revenue Department, Industry Association, Farmers Association, Traders Association, Economists etc. Apart from this, talks are also held with industrialists, corporates and organizations from various sectors of the country.
The budget for the financial year 2024-25 is going to be very special. The reason is that the first budget of the third tenure of the Modi government is to be presented this year. For which Finance Minister Nirmala Sitharaman is holding pre-budget meetings. These meetings are an important part of budget preparation.
To prepare the budget, the Finance Minister holds discussions with stakeholders from various sectors like the Revenue Department, Industry Association, Farmers Association, Traders Association, Economists etc. Apart from this, talks are also held with industrialists, corporates and organizations from various sectors of the country. Relevant information is also collected from various ministries, states, union territories and autonomous bodies for budget preparation.
How is the budget prepared?
A circular for budget preparation is issued by the Department of Economic Affairs, which contains information on all estimated financial outlays. After which the amount is discussed between various ministries. Later the finance ministry meets with other ministries and prepares the blueprint. Then senior officials of all the ministries discuss with the finance ministry for allocation of funds. This process is a key aspect of budget preparation, with consensus between other ministries and the finance ministry.
Special attention of the government on these matters in the budget
The main sources of government revenue are taxes, revenues, fines, government fees, dividends etc. Through the Union Budget presented in February every year, the main objective of the government is to promote investment in various sectors, increase the source of income and promote economic growth. In addition, the government plans to reduce poverty and unemployment and invest in areas such as infrastructure.
What is the history of budgeting?
India's first budget after independence was presented on 26 November 1947, presented by Shanmukham Chetty, the first finance minister. After India became a republic, the first Union Budget was presented on 28 February 1950. During the British rule, India's first budget was presented on 7 April 1860, presented by James Wilson, the finance minister of the British government.