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Budget 2024: As February 1 is approaching, discussions regarding the budget are increasing in the country. The country’s budget is presented every year on 1 February. The Finance Minister of the Central Government presents this budget. This time being an election year, Finance Minister Nirmala Sitharaman will present an interim budget instead of the full budget. The new government that will be elected will have the responsibility of bringing a complete budget. But do you know what budget means and how the budget got its name. There is an interesting story behind this. Let us know.
How did the budget get its name?
The word budget comes from the French word bouze. Buje means small bag. Now you will say what is the role of the bag here and what is the relation of the budget with the bag? In fact, in the year 1733, former Finance Minister of England Sir Robert Walpole had gone to Parliament with the papers of budget proposal in a small bag. When someone asked him what was in this bag, he said that it contains the budget for you. Since then the name Budget became popular.
The word budget is not used in the Indian Constitution.
Let us tell you that the word budget has not been used anywhere in the Indian Constitution. It is named Annual Financial Statement in Article 112 of the Constitution. In this statement, the government presents details of its estimated expenditure and income for the entire year.
This time vote will come on account
Finance Minister Nirmala Sitharaman had said some time ago that this time she will bring a vote on account budget. According to Article 116 of the Indian Constitution, Vote on Account or Vote on Account is an advance grant to the government from the Consolidated Fund of India to meet short-term expenditure requirements until the beginning of the new financial year. Information about the Consolidated Fund of India is given in Article 266 of the Indian Constitution. All the revenue coming to the central government is stored here only. This revenue includes taxes, interest on loans and a part of state taxes. According to law, the Consolidated Fund cannot be withdrawn except with the permission of the Central Government and by making an Appropriation Undertake every year during the Union Budget. Vote on Account presents only information on government expenditure. It does not mention the income of the government.
Do you remember the 5 big announcements of the last budget? This time also the expectations are not less
Only a few days are left for the budget to be presented. Finance Minister Nirmala Sitharaman will present the country’s budget on February 1. Due to it being an election year, this time an interim budget will be presented instead of the full budget. The new government that will be elected will have the responsibility of bringing a complete budget. Despite being an interim budget, people have high expectations from the Finance Minister. But do you remember the big announcements of the last budget? Let us know which 5 big announcements were made in the last budget.
Income Tax
There was no change in the old tax regime in the last budget. However, the Finance Minister had made changes in the slabs of the new tax system. The basic exemption limit was increased from Rs 2.5 lakh to Rs 3 lakh. At the same time, the tax rebate was increased from Rs 2 lakh to Rs 7 lakh. Apart from this, the standard deduction of Rs 50,000 available in the old regime was also brought into the new tax system. With this, the new tax regime was made the default tax system.
agriculture
Agriculture Accelerator Fund was announced to encourage startups of young entrepreneurs in rural areas. After this, the agriculture credit target was increased to Rs 20 lakh crore. In this the focus was on animal husbandry, dairy and fisheries. A new sub scheme was introduced under the Pradhan Mantri Matsya Sampada Yojana with a targeted investment of Rs 6000 crore.
capex hike
Capital investment outlay got a big push for the third consecutive year in the last budget. It was increased by 33 percent to Rs 10 lakh. Total capital investment outlay was about 3.3 per cent of GDP.
Health and education
In the last budget, Rs 89,155 crore was allocated to the health and education sector. The Finance Minister had announced the creation of 157 new nursing colleges.
PM Awas Yojana
In the last budget, the outlay of Pradhan Mantri Awas Yojana (PMAY) was increased by 65 per cent to Rs 79,000 crore. In the previous budget, this allocation was Rs 48,000 crore.
