UNION BUDGET

UNION BUDGET. 2022-2023.

BUDGET HISTORY. The first Union Budget of India, a concept introduced when the country was still under the British colonial rule, was presented on 7th April, 1860, by the then Finance Minister of India, James Wilson. The first Union Budget of Independent India was presented on November 26, 1947, by Sir R.K. Shanmugham Chetty (the first Finance Minister of Independent India). The first Union Budget was presented amidst widespread riots that followed the partition. This budget was planned for seven and a half months, after which the next budget was expected to be implemented from 1st April, 1948. It was also decided that India and Pakistan would both share the same currency till September 1948..

INTRODUCTION. The Union Budget is the blueprint of the Government’s revenue and expenditure for a fiscal year, starting from 1st April of one year to 31st March of the following year. It is presented during the month of February so that it can be materialized before the start of a new financial year. According to Article 112 of the Indian Constitution, it is an extensive financial statement that presents the Government’s estimation of revenue sources and estimated expenses for the year. It is classified into two parts – revenue budget and capital budget. Revenue budget contains the government's revenue receipts and expenditure, while the Capital Budget comprises of the government's capital receipts and payments..

UNION BUDGET. The Government performs two important functions by making a budget every year 1. The Government of India estimates the expected expenditures for developmental works in different sectors of the economy e.g. Industry, Manufacturing, Education, Health, Transport, etc. 2. To meet the expenditures for the coming financial year, the Government tries to work out the sources of revenue. ( i.e. by imposing new taxes or increasing or decreasing the previous rates of taxes, or removing or imposing subsidy on any commodity..

TYPES OF UNION BUDGET. 5. Capital Budget. B. 1. 2.

REVENUE BUDGET. Revenue Budget consists of the revenue receipts of the government (tax revenues and other revenues) and the expenditure met from these revenues. Revenue receipts are divided into tax and non-tax revenue. Tax revenue is the income that is gained by governments through taxation. Taxes such as income tax, corporate tax, custom duties, excise and other duties levied by the government. Other revenues are receipts of the government mainly consisting of interest and dividend on investments made by the government, and fees and receipts for others services rendered by the government..

TYPES OF REVENUE BUDGET. 7. Tax Revenues. NON-Tax Revenues.

CAPITAL BUDGET. Capital Budget consists of capital receipts (like disinvestment, borrowing, loans from public or foreign governments, Reserve Bank of India, etc ) and capital expenditure (like expenditure on development of machinery, health facilities, etc ). Capital budgeting comprises two words — 'capital' and 'budget'. It implies setting targets for projects/schemes to ensure maximum profitability. Parts of Capital Budget: capital budget is divided into two parts capital receipts and capital expenditure..

TYPES OF CAPITAL BUDGET. 9. Capital Receipts. Capital expenditure.

SECTORS IN BUDGET. Agriculture Education Healthcare Defence Investment, Sectoral allocation Virtual currency MSME Direct Taxes – Income Tax Indirect Taxes – GST & Customs.

BUDGET HIGHLIGHTS (2022-23). 11. Agriculture and Allied Sectors.

BUDGET HIGHLIGHTS (2022-23). 12. Education. Ken Betwa river linking project worth Rs 44,605 crore announced Draft DPRs for 5 river links have been finalised Finance startups to be incentives to aid rural enterprises Natural farming will be promoted along Ganga river corridor Govt will promote chemical-free natural farming throughout the country to boost sustainable agricultural productivity and income of farmers Read more at: https://economictimes.indiatimes.com/news/economy/policy/union-budget-2022-speech-highlights-will-sitharaman-live-up-to-indias-expectations/articleshow/89261195.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst.

BUDGET HIGHLIGHTS (2022-23). 13. Banking. Ken Betwa river linking project worth Rs 44,605 crore announced Draft DPRs for 5 river links have been finalised Finance startups to be incentives to aid rural enterprises Natural farming will be promoted along Ganga river corridor Govt will promote chemical-free natural farming throughout the country to boost sustainable agricultural productivity and income of farmers Read more at: https://economictimes.indiatimes.com/news/economy/policy/union-budget-2022-speech-highlights-will-sitharaman-live-up-to-indias-expectations/articleshow/89261195.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst.

BUDGET HIGHLIGHTS (2022-23). 14. Internet. Ken Betwa river linking project worth Rs 44,605 crore announced Draft DPRs for 5 river links have been finalised Finance startups to be incentives to aid rural enterprises Natural farming will be promoted along Ganga river corridor Govt will promote chemical-free natural farming throughout the country to boost sustainable agricultural productivity and income of farmers Read more at: https://economictimes.indiatimes.com/news/economy/policy/union-budget-2022-speech-highlights-will-sitharaman-live-up-to-indias-expectations/articleshow/89261195.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst.

ADD A FOOTER. 15. Table 4: Ministry-wise expenditure in 2022-23 (Rs crore) Defence Consumer Affairs, Food and Public Distribution Road Transport and Highways Home Affairs Railways Rural Development Agriculture and Farmers' Welfare Chemicals and Fertilisers Communications Education Health and Family Welfare Jal Shakti Housing and Urban Affairs Other Ministries Total Expenditure Sources: Expenditure Budget Actuals 2020-21 99,159 60,903 84,219 80,694 23,199 46,701 13 63,136 Budgeted 2021-22 1, 18,101 I , 10,055 I ,531 80,715 75,265 93,224 73,932 69,053 54,581 1641 398 Revised 2021-22 54,517 88,002 86,001 69,046 73,850 1743372 Budgeted 2022-23 5,25, 166 86,201 86,189 76,549 18,39 751 % change (RE 2021-22 to BE 2022-23) 4.40/0 -28.5% 51.8% 7.3% 16.9% -10.9% 4.5% -24.0% 93.3% 18.5% 24.8% 3.7% 5.5% 4.6% , Union Budget 2022-23; PRS.

UNION BUDGET (2022-23). 16. Ken Betwa river linking project worth Rs 44,605 crore announced Draft DPRs for 5 river links have been finalised Finance startups to be incentives to aid rural enterprises Natural farming will be promoted along Ganga river corridor Govt will promote chemical-free natural farming throughout the country to boost sustainable agricultural productivity and income of farmers Read more at: https://economictimes.indiatimes.com/news/economy/policy/union-budget-2022-speech-highlights-will-sitharaman-live-up-to-indias-expectations/articleshow/89261195.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst.