The budget is an annual statement that shows the estimate of receipts and expenditures. Our Government aims that our country reaches the maximum at welfare. The Government presents the budget on February 1 by the finance minister in parliament.
First Budget:
Mr. James Wilson presented the first budget of India on February 18, 1869, which was introduced on April 7, 1860, by the East Indian Company. It’s printed in both language Hindi and English.
On Tuesday, finance minister Nirmala Smitharaman presented the union budget for 2022. They focused on four pillars: productivity, climate, action, financing investment, and working on PM Gati Shakti Plan.
This is the tenth union budget of the Government. Shri Nirmala Smitharaman has the fourth budget as the finance minister of India. The annual financial statement is usually written on a ten-page document. It’s divided into three parts, consolidates fund, contingency fund, and public account, but now the budget read on the tablet for the first time, not on paper. The allocation of 2022 it’s a development blueprint of the vision for India at hundred.
In the 2022 budget, there is a relief in tax concession, reducing petrol and diesel prices, making education more essential and accessible for everyone, and health care.
This budget gives more investment growth and jobs, pm said. Also, the Government said that we are ready to help farmers decide the fate of agriculture. She said chemical-free natural farming was promoted in the country. The PPP mode would be launched for farmers to deliver digital and more services.
In covid-19 treatment, you didn’t pay any taxes or other charges. The government identity eight projects in the budget of rupees nine hundred sixty-three crore, and other projects will be identified soon.
The Government increased capital expenditure target Rs 7.5lakhs crore from Rs 5.5 lakh crore. It’s a massive boost for the economy of the country
How does digital currency work
The reserve bank of India will launch a digital currency. Digital currency issued by the central bank in the form of digital. It is a currency exchangeable by one-to-one with government issues money. This currency is the legal currency that we use in digital. It is easy to transact, but it’s not a cryptocurrency because it is legal.
She said that the Government set up animation, visual effects, gaming, and comics for youth. AVGC is a promotion task sector that helps to employ youth.
The finance minister announced that they are digitally auctioning 5G
The union budget is an appropriation bill that gives powers to the Government for withdrawing from the consolidated fund of India to meet the expenditure from the consolidated funds and includes them in the annual financial statement, which is required to be voted upon in the Lok Sabha.
Published by- Aashay Bhujbal
Edited by-Kritika Kashyap
