What is a Budget?
If you make your own budget for your house, then it is not very difficult for you to understand it. How difficult would it be for his team working on the Finance Minister's budget to make the budget of the entire country? Actually, the Ministry of Finance has a separate department for this work.
For some time now, suggestions have been started by people. The general public can also give their suggestions, but the whole process of budget making is that it does not involve only the Finance Ministry, which will become the budget division. The budget creates a type to work by the voltage to work according to budget, to work like optional to work according to or involves working.
NITI Aayog is involved and all the ministries of the
government are involved. The whole government is involved in a way. The
Ministry of Finance issues a guideline based on its expenditure, based on its
target, how much is earned, how much is the scope of spending, how much loss we
can bear, such a guideline goes and based on that guideline Ministries state
their demands. This budget division is the nodal agency of the Ministry of
Finance, to put it in a way, this is the central organization.
How to organize a budget?
It starts somewhere around October for budget-making. The
process and the budget division at that time, all these states, union
territories, ministries, which are autonomous bodies, which are autonomous
bodies, 12 institutions and those of the government and defense forces i.e.
Armed Forces, Air Force, Army, Navy, in today's situation So far, only the
Defense Staff and General Bipin Rawat are no more. But if they were, a circular
would have been issued there. This circular is sent by the Budget Division.
He is asked to tell how your account of the last year was.
And together, what are your expectations for the next year, what will you earn
yourself, how much is your expenditure and what help do you need from the
finance ministry from your budget from the government. After this, when all
these arrangements are done, the account book has come from all sides and their
demands come forward, after that there is a department which is called
Expenditure Department, you must have heard the name of its Expenditure
Secretary.
There are two important secretaries in the Finance Ministry,
one is the Revenue Secretary, who looks after the
arrangement of earnings. Revenue means earnings and other expenditure
secretaries who look after expenses. So this is the department of expenditure,
it discusses all these demands that which ministry needs what, how much is
justified, and how much is right. And after that, the department is called
Economic Affairs.
They do a lot of meetings, before the budget they are called
pre-budget meetings, you must have also heard. A meeting with farmers is being
held. Meetings are being held with industrialists. Meeting with economists is
taking place. Meetings are being held with businessmen and civil society as
well and suggestions of the general public are also being sought. Overall,
there are all the stakeholders in the budget, whoever is concerned with the
budget, an attempt is made to get the opinion of all of them.
Trying to get their views. After this, the Finance Ministry
prepares a blueprint and also discusses it with the Prime Minister. Along with
the Prime Minister, the Finance Minister makes his final decision on important
subjects on tax proposals and expenditure on the rest of the budget and all the
documents of the budget which are prepared by these elected officials.
It is not that the budget document is made here and there
and typed and as the goods are spread, it goes on, then when the budget work
starts getting better, that is, the budget document starts getting ready. The
budget speech took place and the rest of the budget documents are taken out of
the computer networks of the people working on them at that time.
A separate network is created but it is deleted from the
rest of the network of the Government of India. Around a hundred people work on
their budget. For two to three weeks, the area which they have to stay in the
North Block of the Finance Ministry building and within that area is completed.
Halwa ceremony:
The people inside Doordarshan who prepare the budget because
you see the Finance Minister's speech. Simultaneously, its graphics start
running, so the people who are making those graphics, those machines are shut
down to humans in the same way as someday would have been done, but for that,
they have to be prepared. So it happened. of those working in television.
But those who work in getting that budget document printed, there is also a printing press in the basement of the Finance Ministry where the budget document was printed and how did it not go to the press outside and this team of hundred people used to go to the document for printing.
At the
same time, all these are locked inside it and locked from outside. If a road
gets closed, they cannot even talk to their family members and cannot come out,
no one can go in from outside, and at the same time, they were locked inside
the day they belonged.
From that time, to increase the enthusiasm of the staff, the
halwa was made in a pan in big way and the halwa was distributed to all
of them, this is also called Halwa Ceremony. But this year that Halwa ceremony
is not happening. It is being said that this year Halwa Ceremony is not being
held because there are two reasons, one is the crisis of Corona, because of
Corona, people gather there too in the same pan who eat halwa.
This is not right, so all those people who will be locked inside will be given sweets in packed boxes so that they can eat their sweets. With social dispensing, the halwa ceremony is not happening this time, but otherwise, with the halwa ceremony, those people used to stay inside and were with them on the morning of the budget when the budget document came out.
He
used to come out full time, this time it was said that the budget paper would
be equipped and because of this, because it will not be printed, therefore very
few people will be there for the whole day.
Budget Presentation in Parliament
Many people do not meet an online budget. But this is the whole process and after that, the budget document is kept after the speech in the Parliament. After that, there is a debate on it. On this, the opposition parties raise their objections. The people of the ruling party also raise objections, some ministries also say that we should fulfill this demand of ours.
We asked for so much, you thanked you so much but needed more. After this, when the Finance Minister answers that debate at the end of the debate in the budget proposals and many times he brings many amendments in it that the proposal was given in the budget.
There are some changes in it and after that, there is usually voting after which the budget is passed and this work has to be done before 31st March so that new financial year start from 1st April, the work on the budget also starts.
If the budget proposal is not passed, it is called Finance Bill. If the Finance Bill is not passed, then it is a very serious crisis for the government. This leads to the fall of the government. Therefore it is very important to pass the budget in parliament.
What can happen in the Budget?
We will talk about what can happen in the budget, the budget
is coming at a time when it can be said that it can be assumed that it will be
an election budget. You will say how can there be an election budget. There are
still two years left for the government. If the election in 2024 what to do
with the election at this time but this sentence immediately after the budget,
keep in mind the election opinion.
The election of Uttar Pradesh is an election of four states,
this Uttar Pradesh is very important and the election of Uttar Pradesh is a
very important election for this government, so this time the government will
not want to do anything, due to which five states of the remaining four states
of Uttar Pradesh Voters get angry. Get frustrated or they start feeling that
the government does not care about us.
On the contrary, she would like to do something so that if a
person is in a dilemma, if he is thinking double-minded, if he weeps, then his
idea becomes whether or not this government takes a double thought. So in that
sense, it could be an election budget and if it is an election budget that has
all the potential, then a lot can be given to many people, or at least it can
be said that we are giving you a lot.
Different types of schemes can be brought for different
sections of society. Huge equation of castes. In Uttar Pradesh, there may not
be a scheme for the castes, but a scheme for the poor, a scheme for women, a
scheme for youth, a scheme for a small business, a scheme for them, there may
be such schemes. Something can happen for government employees.
There may be something for the salaried class, which is most
likely for them, what can happen only in their taxes, then the finance minister
can try to get them something that makes them feel that we have got something
in our pocket too. You can add many things to it. Something can
happen for home buyers. There may be a scheme for the workers.
It has been 75 years of celebrating the Aazadi ka Amrit Mahotsav, so some schemes can come up by the name of Amrit, in which such
sections of the society can be targeted who feel that help is needed and at
this time only you should understand that help is needed. Everyone has in a way
that for the last two years, people have been groaning and groaning.
They do not have such tremendous scope, but there is a
possibility that they can increase the expenditure at some places. The demand
to increase the expenditure is coming to them from all around. So many
government departments are asking for their expenses. The memorandum has
reached the entire industry, the demand letter has reached and the people who
are not giving the demand letter, these are the people who are called silent
majority or not. Demand the majority of people like you who are common people
like us.
Where should he tell them what to say? By saying to each
other, we understand that we have said it, and the sensible governments, read
such things, take them while listening, and calculate what is going on in the
environment at this time. Employment is a big problem, inflation is a big
problem.
There is demand from all sides to generate employment and
the industry is also saying that do everything that will generate employment
and increase investment, then if that work is done and while doing that, the
public can be told that brother is there for your employment. They were happy
with two targets with one arrow.
If the public will also come to know that employment will
come, then something like this is likely to happen again. There is very little
chance of such a decision being made that will anger people or what is called
economic virtue in the language of economists with a little gearing up in terms
of economics. If some things have to be controlled, the chances of that
happening this time are less, instead, they are very less because we will tighten
the case.
Everyone's back is broken, this is the question of who will tighten their waist at this time, but the Finance Minister has her challenge that all the resources needed, as many resources as they need, will come from where.
Ahead of the Budget, it looks like the IPO of Life Insurance Corporation may have taken place. A huge amount will come into the account of the government and with this, we will hope that now the government and this pipeline move forward, how much it will increase, how much will not be the condition of the market now.
Accordingly, how much money does LIC have, those questions remain but these?
Today (1st Feb 2022) our finance minister had presented the budget in parliament. We will talk about the key highlights of the budget in our next article very soon.