The Union Minister of Finance has recently revealed the Budget for the fiscal year 2020-21. This budget, pivoted around the core theme of promoting ease of living for every Indian citizen, is founded on three salient themes: Aspirational India, Economic Development for all, and a Caring Society.
Aspirational India: Promoting Better Living Standards
The first theme, ‘Aspirational India’, is all about facilitating improved living standards and providing unhindered access to health facilities, quality education, and superior employment opportunities for all citizens. The focus is also on improving the socio-economic conditions of all sections of society.
Economic Development for All: Implementing ‘Sabka Saath, Sabka Vikas, Sabka Vishwas’
The second significant theme is ‘Economic Development for All’. This principle resonates deeply with the government’s slogan of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas’, which means collective effort, inclusive growth, and mutual trust. This theme underscores the government’s commitment to ensuring that economic growth isn’t just restricted to a few, but is experienced equitably by everyone in the country.
Caring Society: Enshrining Antyodaya as an Article of Faith
The third theme, ‘Caring Society’, underpins the government’s commitment towards creating both a humane and compassionate society. The principles of Antyodaya, which refer to the upliftment of the weakest section of society, are positioned as an article of faith under this theme.
The Union Budget: A Comprehensive Annual Financial Statement
The Union Budget of India is a comprehensive annual financial statement of the country. It provides a meticulous account of the government’s finances including its revenues sourced from diverse avenues, along with the amount it plans to spend on various activities within a fiscal year, typically from April 1 to March 31.
Legislative Framework of the Budget
As per Article 112 of the Indian Constitution, the Union Government is required to present an estimated statement of its expected receipts and expenditure for that fiscal year before both the Houses of Parliament. However, it’s interesting to note that the term “budget” does not feature in the Constitution of India.
Understanding the Budget
From an operational perspective, the Union Budget essentially serves as a blueprint of the government’s estimated income and expenditure for the financial year ahead. This detailed plan outlines the government’s strategies for economic development, revenue generation, and expenditure trends. In essence, the Union Budget is instrumental in setting the country’s economic path and has a direct impact on almost every aspect of the economy. It’s a tool through which the government manages public finances and steers economic growth while fulfilling its commitment to social justice and welfare.
