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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
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Ref. No. KLI/22-23/E-BB/999
The union budget outlines estimated earnings and expenditures for the upcoming financial year.
The Union Budget of India is a comprehensive financial document that reflects the economic vision and priorities of the government for the upcoming fiscal year. This annual ritual holds immense significance in shaping the country’s economic trends.
Behind the curtains of this annual financial event lies a rich history, evolution, and lesser-known intricacies that contribute to the creation of the budget. Over the years, the budget cycle in India evolved with the establishment of the Imperial Legislative Council in 1921, allowing for more comprehensive discussions on financial matters.
The Union Budget of a country is a pivotal financial document that outlines the government’s revenue and expenditure for a specified fiscal year. Often referred to as the Annual Financial Statement, the budget process in India is a roadmap that guides the economic policies and priorities of the government.
The development of the Union Budget process is a detailed and multi-stage that engages various government departments. Overview of the key steps involved:
Before the process of union budget, the Finance Minister initiates pre-budget consultations with industry leaders, economists, and representatives from diverse sectors. This ensures that the budget puts together a broad spectrum of perspectives and addresses the needs of different segments of society.
Government departments and ministries submit their expenditure estimates for the upcoming fiscal year. These estimates encompass planned expenditures, policy initiatives, and financial requirements.
The Ministry of Finance consolidates the estimates from various departments and ministries, considering their revenue projections and expenditure requirements. This compilation serves as the groundwork for the budget formulation.
The Finance Minister formulates the budget by collaborating with finance ministry officials. This process entails balancing revenue and expenditure, tackling economic challenges, and aligning the budget with the government’s policy priorities.
Subsequently, the Finance Minister presents the budget in the Parliament, outlining the government’s fiscal policies and proposed allocations. Following thorough examination and debate, the budget undergoes a vote for approval. Once sanctioned, it attains the status of a legal document handling government spending.
The Union Budget is not just a financial statement but a document representing tradition, innovation, and historical milestones. Each facet of the budgetary process reveals a captivating story, from unique traditions like the Halwa Ceremony to the pink and green sheets. As people eagerly watched Union Budget 2024 highlights and presentation, these interesting facts provide a behind-the-scenes glimpse into the complexities and peculiarities that make the Union Budget a remarkable event in the nation’s financial calendar.
1
The government has two budget components: the revenue budget, which estimates revenue and daily expenditures for the fiscal year, and the capital budget, which includes receipts and payments for public welfare.
2
India's finance minister prepares the Union Budget with the assistance of experts and advisors. The Union Cabinet then approves it before it is presented to Parliament.
3
The Economic Survey summarizes the country's economic performance for the past year by analyzing data from agriculture, industries, and other sectors. This report is important in informing the budget because it highlights economic trends and helps formulate fiscal policies.
4
The finance bill is crucial as it allows the government to introduce new taxes, change current tax rules, or propose keeping them the same. It needs the parliament’s and the President's approval to become effective.
5
The Union Budget impacts taxes by proposing tax rate adjustments and new taxes. It also addresses government spending, budget deficits, and other financial issues. Furthermore, the Budget determines the impact on economic growth, inflation, and public welfare. Establishing a stable and responsible financial strategy that maintains economic growth while managing spending carefully is essential.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
