Pre Budget Session..

2012-13
Secretive approach by Finmin Now it is open to all and transparent Budget is essential for every individual..like as country also needs budget for future predictions and allocation of funds Budget is in two fiscals April to September And October to March Initialization is in third quarter Presentation of budget is a constitutional liability of the GOI Not a single rupee is estimated without budget Biggest outlay is on DEFENCE and EDUCATION INDIA is treated as a controlled economy..Parliament has complete authority to approve taxes and considerations POWER CORRUPTS Budget is for macro-economic stabilityalways falls in revenue generation.. Greece is the classical example of poor fiscal mgt. borrowing more than the capacity to repay Receipts 235 $billion Expenditure 311 $

Borrowing is the best solution to fulfill the deficit..BORROWING IS NOT BEST SOLUTION TO FULLFILL THE DEFICIT

Process of Budget:INDIA IS 9TH BIGGEST ECONOMY IN THE WORLD IN TERMS OF GDP FOLLOWED BY EXPENDITURES FIRST 1) ESTIMATION OF REVENUE AND EXPENDITURE..STARTS WITH EVERY MINISTRY..INTERACTS WITH PLANNING COMMISSIONNON PLANNED EXPENDITURE ARE PRESENTED TO EXPENDITURE SECRETARY 2) ESTIMATION OF REVENUE:NOW DIRECT TAX IS MORE THAN INDIRECT TAXES.. A)TAX REVENUE+PSU DIVIDENTS+INTEREST ON LOANSCURRENT A/C B)LOAN MATURING+PSU DISINVESTMENT+BORROWINGS..[INTERNAL+EXTERNAL]..CAPITAL A/C WHAT IS THE NEED OF PSU DISINVESTMENT BORROWING = FISCAL DEFICIT 2) FIRST ESTIMATE OF DEFICITCHIEF ECONOMIC ADVISOR 3) NARROWING OF DEFICIT 4) PRESENTING OF BUDGET REVENUE DEFICIT FOR 2011-12 Rs.307270 CRORES BUDGET IS SIMPLE STATEMENT WITH HUGE FIGURES BUDGET IS GOVERN BY THE CONSTITUTION.. IS THERE ANY SCOPE OF PUBLIC PARTICIPATION IN BUDGET PREPARATION??

RAJYASABHA HAS NO CONTROL OVER MONEY BILLSEXCLUSIVE RIGHT OF LOK SABHA..

IT TAKES AROUND 75 DAYS.. FINAL APPROVAL BY LOKSABHA..AND THE SAME IS SENT TO PRESIDENT OF INDIA WATCH BUDGETARY SESSION..ON YOUTUBE

COMPONENTS OF BUDGET:ANNUAL FINANCIAL STATEMENT [BUDGET] CONSOLIDATED FUND OF INDIA [REVENUE AND EXPENDITURE] CONTINGENCY FUND OF INDIA[ FINANCE BILL[TAX PROVISIONS] DEMANDS FOR GRANTTS [DG] [ESTIMATION OF EXPENDITURE] FORWARDED TO FINMIN ENABLES TO EXPEND[TEMPORARY PASSING OF BUDGET] 1/6 EXP IS ALLOWED INDIA 235[RECEIPTS] 1631 BN [9TH] 8.3 1400000 DEBT PER PERSON IN US 35000 DEBT PER PERSON IN INDIA.. USA 2092 14526 [1ST] 2.80 CHINA 1149 5878 [2ND] 10.10

ADDITIONAL DUTY TO BE IMPOSSED ON DIESEL CARS SUSITUTE TO DIESEL SUBSIDY. DTP IS VERY FINE PEACE OF LEGISLATURE.. 3500 AMENDMENDS IN IT ACT

WHAT IS ABOUT GOVERNANCE..A SIMPLE CLERK IN DEPT PUTS 2000-3000 EASILY IN HIS POCKET AT THE END OF THE DAY???