What is the highlight of the Union Budget for 2010 11?

What is the highlight of the Union Budget for 2010 11?

— Structural changes in excise duties on cigarettes, cigars and cigarillos. — Revenue loss of Rs 26,000 crore on direct tax proposals. — 7.5 per cent duty on petrol, diesel, crude restored.

Why is the Union Budget Important?

Because resources are limited, the government uses the union budget for optimizing resource allocation. The Union Budget of India uses subsidies and taxes to influence income distribution. It helps guarantee that the wealthy pay a higher tax rate, lowering their disposable income.

What is Union Budget and why it is important?

The Union Budget aids in controlling the economic fluctuations as well. It ensures proper handling of inflation and deflation, thus bringing about economic stability. During inflation, surplus budget policies are implemented, while deficit budget policies are devised during deflation.

What is Indian Union Budget briefly explain?

Definition: According to Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year. Union Budget is classified into Revenue Budget and Capital Budget.

What is the impact of Union Budget?

Budget 2021 increased the total capital outlay for health and well-being to Rs. 2,23,846 Crores for the upcoming financial year 2021-2022. This marks a massive increase of around 137% from last year’s allocation of Rs. 94,452 Crores.

Why does India need a budget?

India has a parliamentary democracy where the government cannot arbitrarily spend, borrow, or tax money. So, for the government to function effectively and help improve the economic and social framework of the country, budgeting and planning is a necessity.

What happens on budget day?

Budget Day is the day that a government presents its budget to a legislature for approval,in a ceremonial fashion. It only exists in some countries of the world.

Who is the father of Indian budget?

P C Mahalanobis
The first budget of India was submitted on 18 February 1860 by James Wilson. P C Mahalanobis is known as the father of Indian budget.

What is the impact of budget?

The Budget impacts the economy, the interest rate and the stock markets. How the finance minister spends and invests money affects the fiscal deficit. The extent of the deficit and the means of financing it influence the money supply and the interest rate in the economy.

Which state has highest budget in India?

Making Atmanirbhar Uttar Pradesh (February 22) In terms of outlay, 2021-22 saw the largest outlay in the history of the state at Rs 5.5 lakh crore.

What are the advantages and disadvantages of budget?

Advantages & Disadvantages of Budgeting

  • coordinates activities across departments.
  • Budgets translate strategic plans into action.
  • Budgets provide an excellent record of organizational activities.
  • Budgets improve communicationwith employees.

How is the budget made?

The President submits a budget request to Congress. The House and Senate pass budget resolutions. House and Senate Appropriations subcommittees “markup” appropriations bills. The House and Senate vote on appropriations bills and reconcile differences.