union budgets of india

7/28/2019 Union Budgets of india

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What is a budget?

A budget is a financial document used to

project future income and expenses.It plans future saving and spending as well

as planned income and expenses.

A budget can be drawn up for eachfinancial year and contain informationon the estimated value of sales andvalue of costs.


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The different needs for a budgets are:

To control resources

To evaluate the performance of thefirm or country

For accountability

To communicate plans to variouspeople

To provide visibility


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The different types of budgets are:

Sales budgetan estimate of futuresales, often broken down into both units

and currency. Production budgetan estimate of the

number of units that must be

manufactured to meet the sales goals. Capital budget - used to determine

whether an organization's long terminvestments are worth pursuing.


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Expenditure budget includes spendingdata items.

Personal or family budget - In a personalor family budget all sourcesof income are identifiedand expenses are planned with the

intent of matching outflows to inflows. Event management budget- A budget is

a fundamental tool for an eventdirector to predict with reasonable

accuracy whether the event will result ina profit, a loss or will break-even. Abudget can also be used as a pricingtool.


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Government budget-A government budget is a

document plan of public revenueand expenditure that is oftenpassed by the legislature,

approved by the chief executive-or president and presented bythe Finance Minister to the nation.The budget is also known as theAnnual Financial Statement of thecountry.


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The Union Budget of India, referred to as theAnnual Financial Statement in Article 112 ofthe Constitution of India, isthe annual budget of the Republic of India,presented each year on thelast working day of February by the FinanceMinister of India in Parliament. The budget,

which is presented by means of theFinancial Bill and the Appropriation bill hasto be passed by the House before it cancome into effect on April 1, the start of

India's financial year.


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The Union Budget of India for 20112012 was present by Pranab

Mukherjee, the Finance Minister ofIndia on28 February2011. This budgetary

proposals would be applicablefrom 1 April 2011 to 31 March2012.


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Allocation for Bharat Nirman programmeproposed to be increased by ` 10,000

crore from the current year to ` 58,000crore in 2011-12.

Plan to provide Rural BroadbandConnectivity to all 2,50,000 Panchayats

in the country in three years.


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Allocation under Rashtriya Krishi VikasYojana (RKVY) increased from 6,755

crore to 7,860 crore. Bringing Green Revolution to Eastern

Region

Credit flow for farmers raised from3,75,000 crore to 4,75,000 crore in 2011-12.

Allocation of 2,14,000 crore forinfrastructure in 2011-12

Approval being given to set up 15 moreMega Food Parks during 2011-12.


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Allocation for education increased by 24per cent over current year.

Exemption limit for the general categoryof individual taxpayers enhanced from

1,60,000 to 1,80,000 giving uniform tax

relief of 2,000.


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Union budget of India for theyear 2012-2013 was presented bythe Finance Minister Pranab

Mukherjee on March 16,2012


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Plan Outlay for Department ofAgriculture and Co-operation increasedby 18 percent.

Outlay for Rashtriya Krishi Vikas Yojana(RKVY) increased to 9,217 crore in

2012-13.

Initiative of Bringing Green Revolution toEastern India (BGREI) has resulted in

increased production and productivity ofpaddy.


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Exemption limit for the general categoryof individual taxpayers proposed to be

enhancedfrom 1,80,000 to 2,00,000 giving tax relief of2,000.

Target of covering a length of 8,800kilometre under NHDP.

Target for agricultural credit raised by`1,00,000 crore to `5,75,000 crore in 2012-

13.


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The Union Budget of India for20132014 was presented by Finance Minister, P.Chidambaram on

28 February 2013,11 am


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Total expenditure of 16.68 trillion INR Planned defence expenditure of 2.03 trillion INR Education expenditure of 650 billion INR[2]

373.3 billion (US$6.4 billion) was allocated for Ministryof Health & Family Welfare in the financial year 2014. 35.11 billion (US$600 million) allocated to Minority

Affairs Ministry. 47.27 billion (US$810 million) allocated for medical

education and research.[3] Allocation of 10 billion (US$170 million) for Nirbhaya

Fund to empower women and increase their safety Setting up a National Institute for Sports to train

coaches in Patiala,Punjab at a cost of 2.5 billion


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No changes in personal income taxslabs.But a special redemption of Rs.

2,000 has been given for income groupbetween Rs. 2lakh-5lakh.

Bringing green revolution to eastern Indiaa remarkable success. ` 1,000 croreallocated in 2013-14.

Health for all and education to allremains priority


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Presented by Harshit Bhaiya X A

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