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Budget LIVE Updates: Union finance minister Nirmala Sitharaman will present Budget today – 1 February. This will be Sitharaman’s second budget as finance minister.
Sitharaman will present the Budget for fiscal – 45 in the Lok Sabha at am
This is the second Budget of the Narendra Modi government after it retained power for the second time in a row in the May general elections. Sitharaman was appointed the first full-time finance minister of the country. Indira Gandhi is the only woman who presented the Union Budget before her and that was in .
File image of Union Finance Minister Nirmala Sitharaman. PTI
Till 2021, the Union Budget was presented on the last day of February every year. The Modi-led National Democratic Alliance (NDA) government changed that practice in and started presenting the Budget from 1 February since then. Under the new practice, then finance minister Arun Jaitley had presented the Budget.
When and where to watch Union Budget (Live?)
The Union Budget live-stream can be watched online on Firstpost Live from the morning. Apart from this, the Budget Live is available on the Lok Sabha website as well. Doordarshan will also webcast the Union Budget Live on it’s YouTube channel
Expectations from Budget
Entire eyes are on Sitharaman when she will present the Budget on Saturday as the country is passing through a tough time in the wake of the ongoing economic slowdown that gripped the country nearly one year ago. It is expected that the government will declare measures that will accelerate economic growth and create employment, another area of major concern.
Adding the concerns of the government, the unemployment rate hit a – year high last year drawing flak from all sections of the country.
The salaried class expects that the finance minister will hike the ceiling of the personal income tax limit Rs 5 lakh this time. It is a prolonged demand from the employees. At present, the income tax limit is Rs 2.5 lakh and Rs 3 lakh for the senior citizens.
Corporate India is expecting effective measures from the government that will boost demand and consumption, which is also under the grip of slow demand for the past around one year.
In September last year, the government slashed the income tax rate for companies by almost 17 percentage points to . percent. It also offered a lower rate to . percent for new manufacturing firms to boost the economic growth rate from a six-year low by incentivising investments to help create jobs.
Another sector that is reeling under crisis is the auto sector. Slump in demand has not only hit the automobile sector but the ancillary industry also. Several carmakers retrenched workers besides suspended operations several units to tide over the crisis situation in the past one year.
What is the Union Budget?
According to Article of the Constitution of India, the Union Budget is the annual financial statement of the estimated receipts and expenditure of the Central government for that particular financial year. The receipts and disbursements are shown under three parts in which the Government Accounts are kept, viz.,
(i) The Consolidated Fund of India,
(ii) The Contingency Fund of India, and
(iii) The Public Account of India.
The finance minister’s Budget presentation speech has many parts. They pertain to various categories: Annual Financial Statement (AFS), Demand for Grants (DG), Appropriation Bill, Finance Bill, Macro-economic framework for the relevant financial year, Medium-Term fiscal policy and a strategy statement, Expenditure Profile, Expenditure Budget, Receipts Budget.
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Updated Date: Feb , : : IST
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