Pranam
Dear Mr sekar, had it been rendered as for fun I welcome it; or else
it is a farce; as one of the member who had participated in 2 budgets, some
years, it is not Halwa story; the work from all over India from
various ministries collation and analysis starts AT LEAST 3 months back as
early as Nov -Dec. MoF gets it as last. DEA , Nidiayog etc forward their
estimates and suggestions; "the word used three sets of different figures
(though enlightened later) induces a mockery; it is LT CY estimate and min
maxima as any company would do. Excellent financial wizards and
statisticians are available in the ministry. All the work gets completed a
fortnight before the presentation and any linking stats may be awaited as
tails. But what is printed for the Budget is purely political data as
needed by the Govt where the stress is in few areas. Leakage occurs only
because of the travel through pipes. Budget is done as any private ltd
company subject to secretive measures and subject to leaks through powerful
media and bigwigs and there is nothing for fun in it. It is a tough job. KR
IRS 28/01/22
On Fri, 28 Jan 2022 at 09:56, 'venkat giri' via iyer123 <
[email protected]> wrote:
> *Respected Sir/s,*
>
> *UNION BUDGET:*
>
> It is prepared by the ministry of finance in consultation with Niti Aayog
> and other concerned ministries. *The Budget division of the department of
> economic affairs (DEA) in the finance ministry is the nodal body
> responsible for producing the Budget. **The Union Budget 2022-23 will be
> presented by Finance Minister Nirmala Sitharaman on 1st February, 2022 at
> 11A.M.; in PAPERLESS FORM.*
> *The Union Budget will be
> carried live on Lok Sabha TV (which will be picked up by other news
> stations) and on social media platforms like Twitter and YouTube**. *Upon
> approval, the data is then sent to the finance ministry. This is the time
> of the year when the whole nation awaits expectantly for the Union Budget
> and for the announcements to be made by the Honourable Finance Minister.
> The finance ministry says to mark the final stage of the Union Budget
> 2022-23 making process, sweets were provided to the core staff” at their
> workplaces, instead of a customary “Halwa ceremony” in view of Covid. After
> this ceremony, all Govt. officials concerned with the budget preparations
> are locked in an undisclosed room without mobile or internet. They only
> come out once the Finance Minister is ready to start the presentation.
>
> *EXPECTATIONS:*
>
> *THE INDIAN ECON*OMY is in the
> midst of a better than expected economic recovery. Leading indicators
> point to a V-shaped recovery. Low interest rates have turned out to be a
> major tailwind for sectors like construction and automobiles. The setting
> is perfect for a *“BUDET LIKE NEVER BEFORE”*. Expect the Budget focus to
> remain in fueling economic activity and support to employment generating
> industries.
>
> A boost for the sectors like real estate, private sector investment,
> infrastructure development, textile, chemicals & manufacturing among others
> as finance minister Nirmala Sitharaman has indicated
>
> * There seems to be a high probability of improvement in the breadth of
> the market, benefitting many well-governed mid and small-sized companies.*
>
> The government’s revenue inflows and expenditures
> appear in the revenue budget. Tax and non-tax revenue are the two types of
> revenue is there. Revenue expenditures are the costs of the government’s
> day-to-day operations and the numerous services it provides to its
> residents. The government runs a revenue deficit when revenue
> expenditures exceed revenue inflows.
>
> *Income Tax Slab, Rates Changes (?) Expected in Budget 2022:* A lot of
> relief on the income tax front is expected by taxpayers from the Union
> Budget 2022.On the individual tax front, most respondents expect an
> enhancement in the basic income tax exemption limit of INR2.5 Lakh.
> Respondents also support an upward revision in the top income slab of INR
> 10 lakhs and above, and an increase in the existing section 80C deduction
> limit of INR 1.5 lakh,” the survey report said.
>
> The basic exemption limits were last revised in *2017-18*.
>
> PPF deposit limit raise to Rs3 lakh/year.
>
> Increase in Sections 80C & 80D limits.
>
> *Rs 5 lakh Income Tax deduction on Home Loan interest is biggest Budget
> expectation for real estate, homebuyers.*
>
> Increase the limit of the standard deduction from Rs. 50,000 to Rs. 1,
> 00,000.
>
> No tax rate change expected?
>
> *BUDGET FACTS**:*
>
> The Finance Ministry prepares
> it in collaboration with other relevant ministries.
>
> Railway Budgets which were presented
> separately from Union Budgets was dispensed with in 2017.Since 2017, the FM
> has presented the Budget in the Lok Sabha on February 1 at 11 a.m.; that
> follows till the last working day of February.
>
> The typical duration of the Budget speech is 90 minutes to 120
> minutes.
>
> Finance Minister Nirmala Sitharaman, on the other hand, gave the most
> extended budget address in 2021-22, clocking in at almost 160 minutes.
>
> Before Sitharaman, *Jaswant Singh* gave the *longest Budget Speech* in
> 2003, lasting *135 minutes.*
>
> *Hirubhai M Patel holds the record for the shortest Budget speech, **with
> just 800 words spoken in 1977**.*
>
> The Union Budget records the government’s finances for the fiscal year,
> from April 1 to March 31. Also, the Union Budget consists of two parts:
> revenue and capital.
>
> FUNFACTS ABOUT UNION BUDGET:
>
> · *On February 18, 1860, India’s first budget was presented by
> Scotsman James Wilson; finance member of the Viceroy's Executive Council of
> India of East India Company.*
>
> · *Liaquat Ali Khan, Member of the Interim Government presented
> the Budget of 1947-48. *
>
> · * After Independence, India's first Finance
> Minister, **Shri. Shanmukham Chetty, presented the first budget of
> independent India at *5* pm on 26th November, 1947 and spanned only 7.5
> months from August 15, 1947 to March 31, 1948. The documents were printed
> in Hindi for the first time during 1955-66 budgets.*
>
> · The most number of budgets were presented by former Finance
> Minister Morarji Desai*. Desai presented the budget a total of 10 times*,
> first between 1959 and 1963, and then again between 1967 and 1969. *He
> is the only Finance Minister who presented budget on his birthday: February
> 29th in 1964 and 1968.** The OTHER finance ministers to have presented 7
> budgets are: **Pranab Mukherjee, P Chidambaram, Yashwant Sinha, Y B
> Chavan and C D Deshmukh.*
>
> · *BUDGET BRIEF CASE**…*..Abandoned in favour of the more local
> "bahi khata" (ledger) by Nirmala Sitharaman in 2019, the briefcase used
> to be an integral part of Budget Day. It was a tradition inherited from
> the UK; where it was started by budget Chief William Gladstone, whose
> speeches were so long that a briefcase was needed to accommodate all his
> papers.
>
> · BLUE SHEET…The starting point of the Union budget is a blue
> sheet of paper with key numbers, considered the blueprint of the budget.
> The blue sheet is top secret and is in the sole custody of the joint
> secretary (budget)
>
> · Budget documents used to be printed at Rashtrapati Bhavan until
> 1950. Consequent to leakage of Budget figures; the following year, printing
> was shifted to a press on Minto Road and then to the basement of North
> Block, which then became the permanent venue for the printing press of
> budget papers.
>
> · BLACK BUDGET…The 1973-74 budget was presented during severe
> economic stress, consequent to failed monsoon and the 1971 Bangladesh war.
> It was termed the Black Budget for the deficit of *Rs 550 crore* & it
> showed and the plan to nationalize general insurance companies and coal
> mines.
>
> INTERESTING FACTS ABOUT UNION BUDGET:
>
> 1) Until 1955, the Union Budget was presented in English. After that
> year, the Congress-led government decided to print the Budget papers in
> both Hindi and English
>
> 2) The word budget is derived from *'bougette'* which means small bag in
> French.
>
> 3) In 2019, Sitharaman ditched the traditional Budget briefcase; instead,
> she carried a Red packet with the National Emblem wrapped with a ribbon.
>
> 4) Indira Gandhi was the first woman finance minister to present the
> Budget in 1970, followed by Nirmala Sitharaman in 2019.
>
> 5) Until 2000, the norm was to present Budget at 5 PM on the last working
> day of February, which was *changed for the first time by Yashwant Sinha
> when he started presentation at 11.00 AM during 2001 Budget*.
>
> 6) Jawaharlal Nehru, Indira Gandhi and Rajiv Gandhi are the only Prime
> Ministers who have also presented Budget inside the Parliament.
>
> 7) In 1982, when Present Pranab Mukherjee delivered the budget
> presentation using 1 hour and 35 minutes, it actually started a trend of
> delivering long speeches. Indira Gandhi had said after that speech, “*the
> shortest finance minister has delivered the longest budget speech.”* . In
> 2003, Jaswant Singh broke that record Speaking for 2 hours to finish his
> budget presentation.
>
> 8) The budget presented by Dr.Manmohan Singh in 1992-93 is often hailed
> as the most important budget of India ever created. He reduced import
> duty from 300% to 50%, which *liberalized Indian economy, and the modern **IT
> industry* *owes much of its presence to that decision.*
>
> *--------*
>
> *Regards*
>
> *V.Sridharan*
>
> *Trichy*
>
>
> On Thursday, 27 January, 2022, 06:25:49 pm IST, APS Mani <[email protected]>
> wrote:
>
>
> Great learning, thanks, Mani
>
> On Thu, Jan 27, 2022 at 12:30 PM 'N Sekar' via iyer123 <
> [email protected]> wrote:
>
>
> A primer on the Union Budget - forwarding.
>
> N Sekar
>
> [image: Finshots]
> <https://finshots.us18.list-manage.com/track/click?u=4586001b135729fc977641e60&id=2ad59a7c99&e=24eb3a245e>
> What
> is the Union Budget and how is it made? [image: What is the Union Budget
> and how is it made? | Finshots Daily Newsletter]
>
> *In today's newsletter we talk about how the Union budget is prepared and
> why this year's version is particularly important.*
> ------------------------------
> *The Story*
>
> February is almost here and the country is abuzz with talks of the Union
> budget. Okay, maybe not entirely true. But within select circles, people
> are anxiously waiting to see what the Finance Minister has in mind for the
> budget this year. So we thought we would have a look at how India’s annual
> financial report is actually prepared and maybe help you understand the
> enormous significance of this little document.
>
> But before we do that, a quick look at the basics of budgeting-
> specifically how you prepare your household budget. The first thing you do
> is tally all your sources of income- salary, money that a friend has
> promised to repay you, earnings from a YouTube video you managed to
> monetize, etc. Anything you can count on. Then you map out your expenses-
> rent, EMI payments, your cook’s salary, etc. Ideally, you wouldn’t want to
> spend beyond your means. But if you have some heavy-duty expenses lined up,
> you will breach the limit and resort to outside borrowing.
>
> Also, you might choose to discuss with your financial advisor on how best
> to invest your money and allocate your spending. You might even have a chat
> with your cook and cut down on grocery expense. In summary, you will use
> all your sources of income to plan for both routine and singular expenses
> for the whole month, in consultation with stakeholders who might influence
> your spending patterns. This is essentially how the government budget is
> planned as well, just on a much, much larger scale.
>
> The Union Budget is essentially the statement of the Government’s income
> and expenditure for the year. It details how much money the government
> expects to raise the next year, and how it’s planning on allocating it
> among different states, departments, and sectors. They have to take a lot
> of things into account- how much money state Governments need, what are the
> top priority sectors, how tax revenue can be maximised, how the general
> standard of living can be improved, etc.
>
> Since this budget affects billions of people, the central Government can’t
> really do it alone. The ministry of finance consults with the Government’s
> think tank NITI Aayog, and different spending ministries in order to arrive
> at the budget document.
>
> The process starts 5–6 months before the budget is presented. The Finance
> ministry sends spending guidelines to all the stakeholders- ministries,
> states, union territories, autonomous bodies, departments and the defence
> forces. They evaluate their needs and write back to the government further
> elaborating their demands.
> <https://finshots.us18.list-manage.com/track/click?u=4586001b135729fc977641e60&id=60844b3f8a&e=24eb3a245e>
>
> Then the Finance Ministry holds meetings with key stakeholders like
> farmers, economists, civil society groups and businessmen to understand
> their views on how best to allocate resources to their specific sectors.
>
> The revenue earning ministries then provides three
> <https://finshots.us18.list-manage.com/track/click?u=4586001b135729fc977641e60&id=243dc1447b&e=24eb3a245e>
> different kinds of figures for both income and expenditure- how much they
> actually spent during the previous budget year, revised figures according
> to the actual rate of spending in the ongoing period, and how much they
> expect to spend during the upcoming year. The budget department
> consolidates these figures and prepares the final document.
>
> And then they eat some halwa and chill.
>
> No, we’re not kidding. The Finance Minister and other officials
> participate in a traditional ‘*halwa ceremony*’ which marks the beginning
> of the actual printing of the document. After this, whoever is directly
> associated with the budget (outside of the Finance Minister) is required to
> stay in the ministry, completely cut off from the outside world, until it
> is presented. On the day of the budget presentation, the Finance Minister
> takes the permission of the president to present the budget to the
> parliament, and the parliament then discusses the budget.
>
> This year’s budget is kind of a bigger deal than usual. India has had to
> deal with Covid and crippling lockdowns these past couple of years. We
> haven't fully recovered yet. Meanwhile, the 3rd wave is in full swing as we
> speak. The government has a tough job ahead. They have to support the
> economic recovery without stretching their finances too thin. It's an
> unenviable task.
>
> Hopefully this year's budget will make everyone happy and help put India
> on a path of prosperity.
>
> Until then...
>
>
>
>
>
>
>
>
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