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Union Budget 2024-25: Highlights –Interim Budget A budget is a forecast of the government’s revenue and expenses for a future period, typically the upcoming financial year. The Union Budget gives a detailed account of the government's finances over the previous fiscal year, summarises new tax proposals for the upcoming fiscal year, and estimates revenue and expenditure for the next fiscal year. The Union Budget accounts for the government's finances during the fiscal year from April 1 to March 31. The first Budget in pre-independent India was presented in 1860 by James Wilson of the British Indian Government. After independence, India's first Budget was presented in 1947 by…
01 February, 2024
Budget
Union Budget 2023-24 The Annual Financial Statement is another name for the Union Budget. According to Article 112 of the Indian Constitution, a budget is a statement of the expected expenditures and revenues of the government for a specific year. The Budget maintains the government's financial records for the fiscal year (from 1st April to 31st March). The Union Finance Minister emphasized that the Indian economy is on the right track and going towards a bright future while delivering the Union Budget 2023–24 in the Lok Sabha. Three categories—the Consolidated Fund of India, the Public Account of India (Article 266),…
02 February, 2023
Budget
EPF tax rules- Social Security GS-Paper-3: Economic issue and Economics Optional – UPSC PRELIMS – Mains Application Context: The new EPF tax rules will come into effect from April 1, 2021, as announced in the Union Budget of 2021. Highly important for UPSC-PRELIMS and EPFO examination. For EPFO PREPARATION: https://www.aspireias.com/upsc-epfo Free SOCIAL SECURITY Booklet: https://www.aspireias.com/uploads/upladfile/Social_security_(2).pdf Existing rule? If a person contributes more than the limit prescribed under Section 80C of the Income Tax Act, he cannot get a tax break on his excess contribution. The earnings on contributions rarely suffered taxation since tax laws pegged tax-free earnings to higher rates than…
01 April, 2021
Budget
BUDGET 2021-22 DATA Prominent Themes of Budget 2020-21 Budget 2020-21 is woven around three prominent themes: Aspirational India in which all sections of the society seek better standards of living, empowerment with access to health, education and better jobs. Economic development for all is indicated in the Prime Minister’s exhortation of “Sabka Saath, Sabka Vikas, Sabka Vishwas”. This would entail reforms across swathes of the economy. Simultaneously, it would mean yielding more space for the private sector. Together, they would ensure higher productivity and greater efficiency. Humane and compassionate Society Antyodaya is an article of faith. Economic infrastructure New Development Finance Institution…
01 March, 2021
Budget
Hitting the right notes with the health budget Introduction This article discusses the various allocations under the Union Budget 2021–22 towards the health sector. Context of packages Aatmanirbhar Bharat Abhiyaan packages announce several short-term and longer-term measures to strengthen the health sector. Production-Linked Incentive schemes have been announced to boost the domestic manufacture of pharmaceuticals and medical devices. Mission COVID Suraksha has also been launched to promote the development and testing of indigenous vaccine candidates. At least 92 countries have approached India for a COVID-19 vaccine, thus bolstering the country’s credentials as the vaccine hub of the world. Pradhan Mantri…
18 February, 2021
Budget
Push for entrepreneurs Context In her Budget speech, Union Finance Minister Nirmala Sitharaman announced measures to ease norms on setting up one-person companies (OPCs) which would directly benefit start-ups and innovators. What is a one-person company? As the name suggests, a one-person company is a company that can be formed by just one person as a shareholder. These companies can be contrasted with private companies, which require a minimum of two members to get going. However, for all practical purposes, these are like private companies. It is not as if there was no scope for an individual with aspirations in…
07 February, 2021
Budget
Budget 2021 and Public Transportation With a clear focus on the expansion of Metro Rail and bus services through Central funding, Budget 2021 has recognised a core component of urbanisation. Comfortable, safe and affordable commuting has well-recognised multiplier effects for the economy and more generally for public health, although COVID-19 has had the perverse effect of driving people away to the safety of personal cars and two-wheeler bubbles. There is little doubt that when the pandemic is under control, more people will return to clean and green mass mobility. Finance Minister Nirmala Sitharaman’s announcement of Central funding of? 1,957 crore,…
04 February, 2021
Budget
An introduction to Budget 2021-22 Introduction There is greater spending on health care and some fiscal push to undergird the struggling demand in the pandemic-hit economy. The Union Budget for 2021-2022 presented to Parliament on Monday, instead reveals an estimated health outlay of ? 74,602 crore, almost 10% lower than the revised estimate of? 82,445 crore was earmarked for health spending in the current fiscal year. More focus on drinking water and sanitation The Minister, however, has claimed a 137% increase in the budgetary outlay on ‘health and well-being by including a one-time expenditure of? 35,000 crores were set aside…
02 February, 2021
Budget
Law to ban Cryptocurrencies India plans to introduce a law to ban private cryptocurrencies such as bitcoin and put in place a framework for an official digital currency to be issued by the central bank, according to a legislative agenda listed by the government. The law will “create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI),” the agenda, published on the lower house website on Friday, showed. The legislation, listed for debate in the current Parliamentary session, seeks “to prohibit all private cryptocurrencies in India, however,…
31 January, 2021
Budget
Budget during COVID-19 India’s GDP is estimated at ? 200 lakh crore. The first priority for spending should be health and infrastructure. India has only five beds for 10,000 Indians and ranks 155th on bed availability in the Human Development Report of 2020. Experts opine that the government should increase healthcare spending from 1.5% of the GDP to 2.5%. The National Infrastructure Pipeline https://www.aspireias.com/daily-news-analysis-current-affairs/National-Infrastructure-Pipeline aims to invest ? 111 lakh crore by 2025 in over 6,800 projects. The proposal to set up a Development Finance Institution is still on the anvil. The Chinese government has entered into building social housing…
26 January, 2021
Budget
The fiscal deficit touches 128.5% of the Budget Estimate Syllabus subtopic: Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Prelims and Mains focus: on the government’s fiscal deficit target; on various terms used in the budget News: The fiscal deficit touched 128.5 per cent of the whole-year Budget target during the April-January period. Background The deficit in the year-ago period was 121.5 per cent of the corresponding target. The government had targeted to restrict the fiscal deficit (RE) at Rs 7,66,846 crore for the year ending March 31, 2020. …
29 February, 2020
Budget
The link between small savings and deficit Prelims and Mains focus: on the exemptions in this year’s budget and its impact on savings and deficit News: Getting rid of exemptions under a new tax regime proposed by the budget could make small savings less attractive for individuals and dry up this source of funds for the government. How do exemptions apply to small savings? Small savings schemes are savings instruments such as the Public Provident Fund, National Savings Certificate and Sukanya Samriddhi. These are central government schemes that allow depositors tax exemption on such deposits up to…
20 February, 2020
Budget
India’s tariff policy Syllabus subtopic: Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment. Prelims and Mains focus: about import tariff regime in India; amended proposed to it and its implications News: Some of the budget proposals have the potential to revive the import substitution regime of the pre-1991 liberalization era. The old regime, which sought to protect domestic industries, bred an uncompetitive manufacturing sector. Mint explains the pitfalls of protectionism. Tariffs in India vis-a-vis other countries At 11.7%, India’s weighted average tariff is much higher than that of South Korea, the US…
07 February, 2020
Budget
Infrastructure Investment Trusts (InvITs) Syllabus subtopic: Infrastructure: Energy, Ports, Roads, Airports, Railways etc. Government Budgeting Prelims and Mains focus: about the move to boost private InviTs and its benefits News: Union budget proposals are set to boost investments in the infrastructure space with tax exemptions for private infrastructure investment trusts (InvITs), which have emerged as an investment route of choice for large institutional investors. Background The Income Tax (I-T) Act provides for a taxation regime for business trusts. Definition of a business trust means a trust registered as an InvIT or a REIT under markets regulator Sebi…
03 February, 2020
Budget
Road to Budget 2020 Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. Prelims and Mains focus: About the economic slowdown and its impact on this year’s budget; measures to be taken to address it; About PMI Context: Finance Minister Nirmala Sitharaman will present her second budget at a time when the economy has hit rock bottom, with growth plummeting to a six-and-a-half-year low and dismal revenue growth, besides ongoing tensions in West Asia threatening to set oil prices soaring to unsustainable limits. Therefore, the FM will have to walk a…
10 January, 2020
Budget
The link between growth, demand and investment Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. Prelims and Mains focus: the ongoing economic slowdown and its impact on India’s GDP; measures to be taken in the upcoming budget News: As per the government’s first advance estimate, gross domestic product (GDP) growth for FY20 is likely to be 5%— the lowest since the global financial crisis of 2008-09, when it fell to 3.1%. Why is GDP growth likely to fall to 5%? Private consumption expenditure, the money people spend on…
09 January, 2020
Budget
5% growth cloud over budget Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. Prelims and Mains focus: on the recent economic slowdown in the Indian economy and the measures to be taken to overcome it in the upcoming budget News: India’s economy is expected to grow 5% in the current fiscal, the statistics ministry said on Tuesday, signalling what would be the slowest pace of annual growth since the current 2012-13 data series was introduced. Yet, the estimate, which is in line with the central bank’s latest projection made in…
08 January, 2020
Budget
The govt is likely to find it hard to trim the fiscal deficit Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. Prelims and Mains focus: about the problems faced by the govt. in GST collections and its impact on the fiscal deficit News: The budgeted fiscal deficit for 2019-20 stands at Rs. 7.04 trillion. However, the fiscal deficit for the period April-November is higher than this and stands at Rs. 8.08 trillion. Why has the fiscal deficit crossed Rs. 8 trillion? The fiscal deficit of Rs. 8.08 trillion…
06 January, 2020
Budget
A fiscal stimulus in the budget has to get balance right Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. Prelims and Mains focus: about the ongoing economic slowdown what should the next year’s budget bring to contain it News: Finance minister Nirmala Sitharaman will present the Union budget in four weeks. The expectation, including in RBI’s monetary policy committee, is that the budget will roll out a fiscal stimulus to counter the growth slowdown. Will a fiscal stimulus boost GDP growth? The stimulus can be given either by…
31 December, 2019
Budget
GST overhaul next on agenda after budget Syllabus subtopic: Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment. Prelims and Mains focus: on the key issues to be discussed regarding the overhaul of GST; the composition scheme: eligibility and its merits News: The Narendra Modi administration and state governments will hold fresh negotiations to overhaul the goods and services tax (GST) after the Union budget is presented on 1 February, said a government official familiar with the development. Key issues to be discussed Finance ministers of central and state governments will discuss…
30 December, 2019
Budget
GS-III: Allocation are Keys Context The budget must focus on the priority areas for the budget allocations. It is expected to provide funds and an assurance that the allocations would be rule-based. Rural distress needs to be allocated to funds. Drinking water Improving the efficiency of existing irrigation systems Rural finance including temporary waiver of loan repayments : Job creation It will depend on the revival of industrial production, continuing growth of exports and an agricultural revival. Most policies have a lag of around four to six months. In the short run, the money will be needed for the MGNREGA.…
15 August, 2019
Budget
GS-III: Borrow abroad and profit Context The government is planning to issue 10-year bonds denominated in foreign currency. Why it is a good idea Such borrowing would be cheaper because a dollar or yen interest rates are lower than rupee interest rates. Our debt to GDP ratio is not very high, the exchange rate is stable, and foreign exchange reserves are high. So foreign borrowing, if it's long-term, is not a problem. If foreign bond issuance was accompanied by a move towards greater capital account convertibility then it may be worth pursuing. A country pays a country premium for borrowing…
06 August, 2019
Budget
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