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FM Nirmala Sitharaman : Have taken Progressive steps for Finance Sector

FM Nirmala Sitharaman : Consumer`s won`t have to pay more on Pdts due to Agri Cess

FM Nirmala Sitharaman : Decided to give Greater Impetus to Economy this Budget

FM Nirmala Sitharaman : We Decided to spend on Infrastructure in this Budget

FM Nirmala Sitharaman : We Attended to need of the Health Sector

PM Narendra Modi : Ease of Living has been Emphasised upon in this Budget

PM Narendra Modi : Budget 2021 to Boost India`s Self Confidence

PM Narendra Modi : The transparency of this Budget has been appreciated by lot of experts

PM Narendra Modi : This budget will bring Positive changes in Infrastructure, Industry

FM Nirmala Sitharaman :To notify rules to eliminate double tax for NRIs on foreign retirement funds

FM Nirmala Sitharaman :Proposes to reduce margin money requirement to 15% fm 25% for scheme under Standup India

FM Nirmala Sitharaman :Proposes to amend Insurance Act 1938 to increase the FDI limit to 74%

FM Nirmala Sitharaman : To introduce phased manufacturing plan for solar cells & panels & to increase customs duties on some auto parts

FM Nirmala Sitharaman : Income tax return filers increased to 6.48 crore in 2020 from 3.31 crore in 2014

FM Nirmala Sitharaman : We are rationalising custom duty on Gold and Silver

FM Nirmala Sitharaman : We are cutting Basic Customs Duty rate on nylon chips & nylon fiber

FM Nirmala Sitharaman : Withdrawing exemption on certain kinds of leather imports.

FM Nirmala Sitharaman : Increasing customs duties on some auto parts.

FM Nirmala Sitharaman : Propose to review more than 400 old exemptions in customs this year.To put into place new customs duty structure by Oct-1, 2021.

FM Nirmala Sitharaman : Withdrawing exemptions on some parts of mobile phones.

FM Nirmala Sitharaman : Exempting duty on steel scrap for a specified period.

Some parts of mobiles to move from NIL to 2.5% rate.

FM Nirmala Sitharaman : Revoking ADD and CVD on certain steel products. Reducing duties on copper scrap from 5% to 2.5%.

FM Nirmala Sitharaman : We have updated our Custom Duty Policies to ensure easy access to raw materials and value added products

FM Nirmala Sitharaman : GST is now 4 yrs old and we have made several efforts to simplify it

FM Nirmala Sitharaman : Propose to review more than 400 old exemptions in customs this year. To put into place new customs duty structure by Oct-1, 2021.

FM Nirmala Sitharaman : Tax holidays for startups extended by one year, till 31st March 2022

FM Nirmala Sitharaman : Affordable housing deduction extended by one year to FY22. Tax exemption to notified rental housing projects

FM Nirmala Sitharaman : Tax holiday for Aircraft leasing business in Gift city

FM Nirmala Sitharaman : Notified infra debt funds to be eligible to raise tax efficient zero coupon bonds.

FM Nirmala Sitharaman : Tax exemption for aircraft leasing companies

FM Nirmala Sitharaman : Details of capital gains, dividend income, interest income to be pre-filled in tax forms

FM Nirmala Sitharaman : Affordable housing deduction extended by one year to FY22. Tax exemption to notified rental housing projects

FM Nirmala Sitharaman : Revenue grant of Rs 1.18 lk cr to 17 states in FY22.

FM Nirmala Sitharaman : To extend exemption available for the purchase of affordable houses & to provide tax exemption for affordable rental housing projects

FM Nirmala Sitharaman : To further extend efforts towards unorganised labour force, I propose to launch a portal to collect relevant information on workers, building/construction workers among others

FM Nirmala Sitharaman : FPI to get deduction of tax on dividend at lower treaty rate.

FM Nirmala Sitharaman : We made substantial changes in the Direct Tax System. We slashed our Corporate Tax rate to make it lowest in the world

FM Nirmala Sitharaman : Propose to increase threshold for tax audit to Rs 10 cr Vs Rs 5 cr (for those transacting 95% digitally)

FM Nirmala Sitharaman : Propose to abolish need to file IT returns for senior citizens (above 75 years)

FM Nirmala Sitharaman : To set-up a faceless dispute resolution mechanism for small tax payers. To make Income Tax Appellate Tribunal faceless.

FM Nirmala Sitharaman : National Research Foundation to be set up at Rs. 50,000 crores to strengthen the research ecosystem

FM Nirmala Sitharaman : Contingency Fund of India to be enhanced to Rs 30,000 cr. Propose to discontinue loans to FCI. Have provided for support in budget. 15th Finance Commission reconfirming share of States at 41%.

FM Nirmala Sitharaman : Fiscal deficit revised to 9.5% for FY21 of GDP and pegged at 6.8% for FY22

FM Nirmala Sitharaman : Will approach market for additional Rs 80,000 cr to fund FY21 fiscal deficit. Gross market borrowing target at Rs 12 lk cr for FY22.

FM Nirmala Sitharaman : 41% devolution to states retained.

FM Nirmala Sitharaman : 2 Banks & 1 Insurance company to be disinvested in 2021-22. IPO of LIC to be brought. City gas distribution network of providing CNG to automobiles and piped cooking gas to households in 100 more districts

FM Nirmala Sitharaman : Hope to get to back to fiscal consolidation path by FY26. Fiscal deficit will reach below 4.5% by FY26.

FM Nirmala Sitharaman : Aim to get back to the pass of fiscal consolidation, aim to be below 4.5% by FY26. FY22 gross borrowing target at Rs 12 lakh crore

FM Nirmala Sitharaman : FY21 fiscal deficit at 9.5% of GDP

FM Nirmala Sitharaman : NRF to get Rs 50,000 cr over 5 years. NRF will focus on Research system being strengthened in the industry.

FM Nirmala Sitharaman : A scheme for tea farmers will be introduced for the welfare of women and Children in Assam

FM Nirmala Sitharaman : To boost digital payments, Rs 1,500 cr earmarked for a scheme for financial incentives for digital payments.

FM Nirmala Sitharaman : We believe in minimal government and maximum governance

FM Nirmala Sitharaman : Introduced National Commission for Allied Healthcare Professionals in Parliament

FM Nirmala Sitharaman : I propose to amend the Insurance Act 1938 to increase the permissible FDI limit from 49% to 74% in insurance companies and allow foreign ownership & control with safeguards

FM Nirmala Sitharaman : Government announces multi-state co-operative for ease of doing business

FM Nirmala Sitharaman : More than 15,000 schools will be strengthened under NEP 2020

FM Nirmala Sitharaman : Provided Rs 15,700 cr to MSME sector, more than 2x of previous year.

FM Nirmala Sitharaman : To set up Central University in Ladakh.

FM Nirmala Sitharaman : Social security benefits will be extended to gig and platform workers. To launch portal to collect data on migrant workers.

FM Nirmala Sitharaman : Our Govt is committed to the welfare of farmers. The MSP regime has undergone a change to assure price that is at least 1.5 times the cost of production across all commodities

FM Nirmala Sitharaman : 1 Nation 1 Ration Card plan under implementation by 32 states & UTs. To launch portal to collect data on migrant workers.

FM Nirmala Sitharaman : Micro irrigation corpus doubled to Rs 10,000 cr. Agriculture infra fund will be made available to APMCs.

FM Nirmala Sitharaman : Rural infra fund increased to Rs 40,000 cr

FM Nirmala Sitharaman : A portion of the agricultural fund will be allocated to APMC for furthering their infrastructure

FM Nirmala Sitharaman : Cotton farmers saw stupendous increase in the amount that was paid to them in 2013-14, that was 90 cr and it was increased to over 25,000 crore in 2020-21

FM Nirmala Sitharaman : FY22 farm credit target Rs 16.5 lakh cr.

FM Nirmala Sitharaman : Paddy MSP doubled this year. 1.5 crore farmers benefitted from increased MSP

FM Nirmala Sitharaman : All divestments announced so far to be completed in FY22. BPCL, CONCOR, Pawan Hans, Air India divestments to be completed in FY22

FM Nirmala Sitharaman : Amount paid to farmers for wheat procurement was increased.

FM Nirmala Sitharaman : Rs 75,060 cr paid to farmers for wheat procurement in 2020-21. Amount paid to farmers for wheat procurement was increased.

FM Nirmala Sitharaman : I announce further infusion of Rs. 20,000 crore for public sector banks

FM Nirmala Sitharaman : Govt has approved policy for divestment in strategic and non-strategic sectors. Non-core assets like surplus land will be monetised. SPVs will be set up to carry out this activity.

FM Nirmala Sitharaman : Asset reconstruction & management companies to be set up for stressed assets. Govt to allow sale of distressed assets to Alternate Investment Funds

FM Nirmala Sitharaman : Divestment target for FY22 at Rs 1.75 lakh cr

FM Nirmala Sitharaman : This budgets provides pace needed for sustainable growth

FM Nirmala Sitharaman : Safety measures undertaken in past years have borne results. Railways will be provided with indigenously developed automatic train protection system that eliminates train collision due to human error

FM Nirmala Sitharaman : Govt to announce a policy for the privatisation of state-run cos & to create new list of companies for divestment

FM Nirmala Sitharaman : Propose to take up 2 PSBs and one general insurer for divestment. Will bring IPO of LIC in FY22. Govt has approved policy for divestment in strategic and non-strategic sectors

FM Nirmala Sitharaman : To allow for one-person companies.

FM Nirmala Sitharaman : NCLT system to be strengthened, e-Courts to be adopted & alternate mechanism of debt resolution to be set up.

FM Nirmala Sitharaman : For a 5-trillion dollar economy, our manufacturing sector has to grow in double digits on a sustained basis. Our manufacturing companies need to become an integral part of global supply chains

FM Nirmala Sitharaman : Decriminalisation of LLP Act to be undertaken

FM Nirmala Sitharaman : The pneumococcal vaccine, limited to only 5 states at present, to be rolled out across the country. This will avert more than 50,000 child deaths annually

FM Nirmala Sitharaman : Rs. 2,217 crore for 42 urban centres with a million-plus population, to tackle burgeoning problem of air pollution

FM Nirmala Sitharaman : SEBI will be notified as regulator for a gold exchange

FM Nirmala Sitharaman : A framework will be put in place to give consumers alternatives to choose from more than one distribution company. A revamped reforms-based result linked power distribution sector scheme will be launched with an outlay of 3,05,984 cr over 5 years

FM Nirmala Sitharaman : Pipelines of GAIL (India) Ltd, Indian Oil Corp (IOC) and HPCL will be monetized

FM Nirmala Sitharaman : We will add 100 more districts to city gas network. Independent gas network operator will be set up.

FM Nirmala Sitharaman : FDI limit in insurance increase to 74% from 49%. Govt allows foreign ownership in insurance with safeguards

FM Nirmala Sitharaman : Highway infra work proposed include building 8,500-km of highways by March 2022

FM Nirmala Sitharaman : Over 13,000 km length of roads at a cost of Rs 3.3 lakh cr has already been awarded under Rs 5.35 lakh cr Bharatmala project of which 3,800 kms have been constructed

FM Nirmala Sitharaman : Ujjwala scheme to be expanded to over 1 crore more beneficiaries

FM Nirmala Sitharaman : Scheme to assist Discoms will be launched with an outlay of over Rs 3 lakh cr

FM Nirmala Sitharaman : To launch hydrogen energy mission for generation from green sources.

FM Nirmala Sitharaman : I propose around Rs. 1 lakh 7 thousand crore for capital expenditure of Indian Railways

FM Nirmala Sitharaman : A New Scheme will be launched at a cost of u20b918000 crores to support augmentation of Public Bus Transport Services

Indian Railways have a National Rail Plan for 2030. Next lot of airports to be privatized in tier 2 and 3 towns and cities

FM Nirmala Sitharaman : For 2021-22, I propose a sharp increase in Capital Expenditure & thus have provided Rs 5.54 lakh crores which is 34.5% more than the BE 2020-21

FM Nirmala Sitharaman : Indian Railways have a National Rail Plan for 2030. Next lot of airports to be privatized in tier 2 and 3 towns and cities

Budget 2021 - Finance Minister: Will work towards raising the share of public transport with an outlay of Rs 18,000 cr.

FM Nirmala Sitharaman : A new centrally sponsored scheme PM Aatmanirbhar Swasth Bharat Yojana will be launched with an outlay of about 64,180 crores over 6 years

FM Nirmala Sitharaman : Government to undertake future freight corridor development projects.

FM Nirmala Sitharaman : Highway works proposed: 3,500 km corridor in Tamil Nadu; Highway works proposed;3,500 km corridor in Tamil Nadu; 1,100 km in Kerala at investment of Rs 65,000 cr; 675 km in West Bengal at a cost of Rs 95,000 cr; 1,300 km in Assam in the next 3 years; 1,100 km in Kerala at investment of Rs 65,000 cr; 675 km in West Bengal at a cost of Rs 95,000 cr; 1,300 km in Assam in the next 3 years

FM Nirmala Sitharaman : By March 2022, we would be awarding another 8,500 kms and complete an additional 11,000 kms of National Highway Corridors

FM Nirmala Sitharaman : National Monetisation Pipeline for brownfield projects to be launched. NHAI and PGCIL have sponsored one InvIT each.

FM Nirmala Sitharaman : Will work out a specific mechanism to nudge states to spend more on creation of infrastructure.

FM Nirmala Sitharaman : Voluntary scrapping policy announced based on fitness test - 20 years in a personal vehicle and 15 years for the commercial vehicle. More details to be available soon

FM Nirmala Sitharaman : A scheme of Mega Investments Textile Park will be launched in addition to PLI Scheme which will create world class infrastructure with plug & play facilities to enable global champions in exports

FM Nirmala Sitharaman : FY22 capital expenditure up +34.5% (Vs FY21 BE) at Rs 5.54 lakh crore.

FM Nirmala Sitharaman : Govt allocates Rs 35,400 crore towards COVID vaccines for FY22 and is committed to more if required

FM Nirmala Sitharaman : Jal Jeevan Mission will be launched across all urban local bodies. Rs 2.87 lakh cr outlay for Jal Jeevan Mission over 5 years

FM Nirmala Sitharaman : Will introduce a bill to set-up a Development Finance Institution (DFI), capitalised with Rs 20,000 cr

FM Nirmala Sitharaman : New health infra scheme with higher outlay of Rs 61,000 crore; Nifty Pharma index off lows

FM Nirmala Sitharaman : Govt allocates Rs 35,400 cr towards COVID vaccines for FY22, is committed to more if required.

FM Nirmala Sitharaman : The manufacturing sector needs to grow in double digits on a sustained basis.

FM Nirmala Sitharaman : The budget for health and well being would be around Rs. 2 lakh crore

FM Nirmala Sitharaman : Rs 1.41 lakh crore for Urban Clean India Mission

FM Nirmala Sitharaman : We are launching a voluntary vehicle scrapping policy. Vehicles will undergo fitness tests after 20 yrs for PVs, 15 years for CVs.

FM Nirmala Sitharaman : To strengthen Nutritional content, delivery, outreach & outcome. We will merge the supplement Nutrition Programme & Poshan Abhiyan and will launch the Mission Poshan 2.0

FM Nirmala Sitharaman : FY22 outlay (budget estimate) for health & well-being up 138%, is Rs 2,23,846 cr.

FM Nirmala Sitharaman : Total financial impact of all Aatma Nirbhar packages including measures taken by RBI was estimated to be about Rs 27.1 lakh crores

FM Nirmala Sitharaman : Aim to double farmers income. The total financial impact of all AatmaNirbhar packages including measures taken by RBI was estimated to be about Rs 27.1 lakh crores

FM Nirmala Sitharaman : New scheme of Rs 64,180 cr is for primary, secondary, tertiary care

Union Budget 2021 live: FM Nirmala Sitharaman recaps policies announced so far. u201cThe government stretched its resources to provide for the most vulnerable,u201d she said.

FM Nirmala Sitharaman : A vision for Atmanirbhar Bharat in part of Budget. FY22 budget proposals based on six pillars

FM Nirmala Sitharaman : The govt is fully prepared to support and facilitate economic growth

FM Nirmala Sitharaman : India has only 3 times had a Budget after a contraction. The government is fully prepared to support the economy to achieve sustainable growth.

FM Nirmala Sitharaman: We Couldn`t Have Imagines The Global Slowdown During The Last Budget

FM Nirmala Sitharaman: Preparetion Of This Budget Was Taken Under Circumstances Like Never Before

Cabinet approves the Union Budget 2021-22 that will be presented by FM Nirmala Sitharaman in the Parliament.

FM Nirmala Sitharaman soon to represent First Digital Budget of India

FM Nirmala Sitharaman reaches the Parliament

FM Nirmala Sitharaman meets President Ram Nath Kovind ahead of Buget Presentation

FM Nirmala Sitharaman Leavese For Parliament With North Block Team

The FM Nirmala Sitharaman will present the budget at 11 am on February 1, 2021. Stay tune for Live Updates

budget positive

  • FM Nirmala Sitharaman: Govt proposes to extend exemption available for the purchase of affordable houses & to provide tax exemption for affordable rental housing projects
  • FM Nirmala Sitharaman: No income tax filing for senior citizens above 75 years of age having only pension, interest income
  • FM Nirmala Sitharaman : National Research Foundation to be set up at Rs. 50,000 crores to strengthen the research ecosystem
  • FM Nirmala Sitharaman : To boost digital payments, Rs 1,500 cr earmarked for a scheme for financial incentives for digital payments.
  • FM Nirmala Sitharaman : Provided Rs 15,700 cr to MSME sector, more than 2x of previous year.
  • FM Nirmala Sitharaman : FY22 farm credit target Rs 16.5 lakh crores
  • Alert: All divestments announced so far to be completed in FY22. BPCL, CONCOR, Pawan Hans, Air India divestments to be completed in FY22
  • FM Nirmala Sitharaman : Propose to strategically divest 2 PSU banks & 1 general insurance company
  • FM Nirmala Sitharaman : Decriminalisation of LLP Act to be undertaken.
  • BIG NEWS: FDI limit in insurance increase to 74% from 49%. Govt allows foreign ownership in insurance with safeguards
  • Indian Railways have a National Rail Plan for 2030. Next lot of airports to be privatized in tier 2 and 3 towns and cities
  • FM Nirmala Sitharaman : Will work towards raising the share of public transport with an outlay of Rs 18,000 cr.
  • FM Nirmala Sitharaman : By March 2022, we would be awarding another 8,500 kms and complete an additional 11,000 kms of National Highway Corridors
  • Voluntary scrapping policy announced based on fitness test - 20 years in a personal vehicle and 15 years for the commercial vehicle. More details to be available soon
  • FM Nirmala Sitharaman : Govt allocates Rs 35,400 cr towards COVID 19 vaccines for FY22, is committed to more if required.
  • FM Nirmala Sitharaman : We are launching a voluntary vehicle scrapping policy. Vehicles will undergo fitness tests after 20 yrs for PVs, 15 years for CVs.
  • FM Nirmala Sitharaman : Aim to double farmers income. The total financial impact of all AatmaNirbhar packages including measures taken by RBI was estimated to be about Rs 27.1 lakh crores
  • Finance Minister: New scheme called u2018PM Aatmanirbhar Swastha Bharat 2019 to be launched, outlay of Rs 64,180cr over 6 years.
  • FM Nirmala Sitharaman : Will lay out a vision for Atmanirbhar Bharat in Part-A of the Budget speech.
  • FM Nirmala Sitharaman starts Budget Speech
  • FM Nirmala Sitharaman soon to represent First Digital Budget of India

budget negative

  • Negative for Mining : FM Nirmala Sitharaman : We are cutting custom duty on copper scrap to 2.5% from 5%
  • Fiscal deficit in revised estimate for FY21 pegged at 9.5% of GDP



Expert Views

RAJOSIK BANERJEE, PARTNER AND HEAD, FINANCIAL RISK MANAGEMENT, KPMG, MUMBAI

"To address concerns around asset quality, credit loss and liquidity stress, this budget has been proactive to infuse additional capital of 200 billion rupees to PSU banks for providing continued credit access to wholesale and retail borrowers, and therefore push growth agenda."

RUPA REGE NITSURE, GROUP CHIEF ECONOMIST, L&T FINANCIAL HOLDINGS, MUMBAI

"A strong capex push of 5.54 trillion rupees ($75.76 billion) is growth positive. This, combined with the enhanced spending on the health sector, will go a long way in supporting economic recovery. However, the actual revenue generation, both via tax and non-tax receipts during FY22 will be instrumental in the management of fiscal situation."

SUJAN HAJRA, CHIEF ECONOMIST, ANAND RATHI SECURITIES, MUMBAI

"The indications are that the government is going to do more to promote growth rather than maintaining fiscal discipline. This is a welcome move as it will have a positive impact on growth. Also, we are seeing a lot of measures on conditions of doing business which was required. The intent for reforms is also strong."

SAKSHI GUPTA, SENIOR ECONOMIST, HDFC BANK, GURUGRAM

"The 2021-22 budget announced some long-awaited reforms and was a big bang in many ways. The government refrained from consolidating the fiscal deficit significantly and focused on supporting growth."

"The set-up of a development finance institution to finance the infrastructure pipeline is a significant step. The other notable step has been the introduction of an asset reconstruction company, which is likely to provide the much-needed support for banks as stressed assets rise due to the pandemic."

SHASHANK MENDIRATTA, ECONOMIST, IBM, NEW DELHI

"The fiscal deficit is on the higher side as the pandemic led to a sharp decline in the nominal GDP alongside revenue collections. Budget FY22 has a dual focus on physical infrastructure and social sector. The emphasis on public spending on rural segment, public distribution, transport, and health are likely to boost growth potential in the medium term. Spending push is likely to provide support to key growth drivers, especially rural demand and pandemic-hit segments."

"Higher allocation for capital spending in FY22 is expected to support recovery with a multiplier effect. The realisation of FY22 fiscal deficit target and concomitant spending targets nonetheless depend on attaining high disinvestment estimates."

MAHESH SINGHI, FOUNDER & MD, SINGHI ADVISORS, MUMBAI

"Even as the government navigates the tightrope of balancing economic growth and addressing fiscal concerns, a hike in infrastructure spending by FM Nirmala Sitharaman in budget 2021 holds the potential to propel the Indian economy on a high growth trajectory."

"The proposal to enable entry of FPIs into debt financing of Infrastructure Investment Trusts will boost global and domestic investor sentiments in the country's infrastructure sector and open new funding avenues. The move holds the potential to position India as a dominant player in the global infrastructure segment."

Expert Opinion

Hindi news

JANTA KI AAWAZ

Post your reviews below and we shall repost it.
JD Daha

Insurance stocks will fly high !

Mr. Ram Jadhav

Auto scaping policy is super move. When will it be implemented ?

lloyd

Need more import duties on Chinese products especially electronics.

Faraz S

Super Budget. Focus on Infrastructure is very good move.

Akshata Jadhav

Not Happy. 80 C limit not ncreased in the budget

om

MODI Hey Toh mumkin Hey.. This will be memorable budget. Good News Coming Soon

Dinesh Shah

India Desperately needs Disinvestments, especially Air India

Raj Joshi

Super Excited for Budget. Home FM will help middle class

RAJEEV

Good news

Jaykant

I would like to do some major reform in agriculture Sector, Independent Farmer will contribute majorly for `AatmaNirbhar Bharat`

Pankaj Singh

A key requirement for insurance sector is capital, as a finance minister i would bring much-needed capital into insurance sector

Lakshmi Yediyurappa

I would strike the right balance between securing the interest of policyholders and liberalising FDI norms.

Kishor Desale

I would do major reforms in the Logistics sector and other facilities for marine, aquaculture, fisheries

Devdhar Gokhale

I would like to do major reforms in the mining of minerals through a seamless composite exploration-cum-production regime.

Rutuja Deshmukh

i would improve agri sector measures such as animal husbandry, dairy farmers, promotion of cultivation of herbal and medicinal plants

Sayali

I would improve Labour welfare measures such as Workmen Compensation, ESI, Sickness, P.F and Maternity benefits

Krushna Chinnaswami

I would also announce a transparent and regular monitoring system for Government Finance programmes.

Nitara

I would provide a categorical assurance that the CBDT would not resort to any coercion in tax administration. This is particularly critical this year.

chaitanya

I would go a little easy on fiscal consolidation by keeping the fiscal Deficit-GDP ratio for 2021-22. 2021 will be a challenging year because of both domestic and global factors.

Murugan

First, I would introduce a large income transfer programme, say a top-up on all low balance Jan Dhan Accounts.

Videos

In Conversation With Mr Deepak Parekh

BudgetGyan

What is the Union Budget?

Like every family where its members plan their finances, income and expenditures; similarly Union Budget of India is the country's comprehensive annual financial statement. The Union Budget consists of a detailed account of the government’s finances, its revenues and expenditures.

What is a Finance Bill?

Before a piece of legislation is passed as a law by the Houses of parliament, it is called a Bill. A Finance Bill is about the country's finances ranging from taxes, expenditure to government's borrowings, revenues, etc. After the presentation of the annual budget, the finance bill is introduced in the Lok Sabha to implement financial proposals for the following year. The bill is largely related to changes in taxes and levies by the government.

What is Economic Survey ?

The Economic Survey is prepared under the guidance of Chief Economic Advisor and is presented in both the houses of Parliament, a day before the announcement of the Union Budget. The Economic Survey will have detailed information about the Indian economy over the past year. It also offers glimpses into the current state of the economy, and occasional insights into the economic outlook. Although the Constitution does not bind the government to present the Economic Survey, over the years, it has become common practice for every government to present the Economic Survey before the Union Budget.

What is Direct Tax?

Direct taxes are imposed on income and profits on an individual or organization. Some example of direct taxes is income tax, wealth tax etc. Every year everyone hopes their tax liability becomes low and government gives them relief and hence this is one of the key point for which people wait for annual union budget.

Why is customary Halwa Ceremony practice done in India?

The customary halwa ceremony, marks the process of printing of Budget documents, it is hosted by the Finance Ministry. All the key members of Finance ministry including Finance Minister are present at the ceremony. This ceremony is performed as a part of the Indian tradition of having something sweet before starting an important work

What is Plan and Non Plan Expenditure?

There are usually two components of expenditure - plan and non-plan expenditure. As the name suggests, plan expenditure are the budget estimates that are determined after discussion with all stakeholders or ministries.

Non-plan expenditure, on the other hand, mostly involves revenue expenditure, though it also included capital expenditure.These are expenses incurred by the government on interest payments,pension payments and salaries of government employees. Non-plan expenses constitute a major part of the government's budgetary expenses. Debt servicing, defence expenditure, and interest payments comprise the biggest expenses under the category.

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