The date of presenting the Union Budget for the financial year 2025-2026 is approaching. Finance Minister Nirmala Sitharaman will present the Union Budget on 1 February 2025.
She will become the first Finance Minister to present the Budget for the 8th consecutive time. This will set a record for presenting the Budget the most times. Every section of the society including the common man, industry, farmers have high expectations from the next Budget. The reason for this is that the GDP growth rate has declined in the second quarter of this year. On the other hand, the common man is worried about inflation. Farmers are expecting an increase in money under the Pradhan Mantri Kisan Samman Nidhi. This process starts many months ago.
The work of preparing the Union Budget starts several months in advance every year. The Finance Ministry takes the opinion of NITI Aayog and various ministries in this regard. Their expenditure plan in the new financial year is discussed with them. After obtaining the expenditure estimates of various ministries, they are analyzed. Then on this basis, the total budget deficit is calculated. Budget deficit means the difference between the government’s revenue and expenditure.
Expenditure plans of various ministries
The government allocates funds to various ministries and departments by estimating its revenue and expenditure. Before this, an effort is also made to gather the opinion of the common man with representatives and experts from different sectors of the economy. Economists and trade unions also give their opinion on the budget to the Finance Minister. Usually, the Finance Minister holds pre-budget meetings for this. The views received in this act have been given important information for making the budget. After analyzing all the suggestions, feedback and demands, the Finance Minister finalizes the budget proposals. Then the approval of the Cabinet is sought on it.
Halwa Ceremony
is organized in the Ministry of Finance after the budget proposals are approved. This traditional ceremony is organized every year. This starts the printing of budget documents. Earlier, a large number of budget documents were printed. Now the circulation of budget documents is in electronic form. Therefore, not many copies of budget documents are printed.
Information about budget proposals to Parliament
The Finance Minister presents the budget in the Lok Sabha on a specific date. During this, she tells the members of the Lok Sabha about the government’s fiscal roadmap, fiscal policies, economic reforms, proposals for changes in taxes. She also explains that the policies of the government affect the life of the common man in some way or the other. She will also give information about the steps being taken by the government to help the economically weaker section of the society.
This time’s budget will be special.
This time Finance Minister Nirmala Sitharaman will present the budget on February 1. This will be the full budget for the financial year 2025-26. A close watch is being kept on this budget. The common man is expected to get relief in income tax. The Finance Minister may announce the new Direct Tax Code.
On the other hand, the industry hopes that the government will announce measures to increase economic growth in the budget. The focus of Prime Minister Narendra Modi’s central government is on increasing the income of farmers. Therefore, there may be some big announcement for farmers in this budget. The government may increase the money of the Prime Minister Kisan Samman Nidhi.
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