buget 2024 introduction xii and (1).pptx

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1. Budget and economic survey : an introduction By Kesava sarma . S Giriraj. V. R. B

2. Index and structure of this presentation Union budget : An Introduction Economic survey : An Introduction Importance of union budget Importance of an economic survey The need for budget and economic survey Difference between economic survey and union budget

3. Union budget : an introduction 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 Description:  Union Budget keeps the account of the government's finances for the fiscal year that runs from 1st April to 31st March. Union Budget is classified into Revenue Budget and Capital Budget. Revenue budget includes the government's revenue receipts and expenditure. There are two kinds of revenue receipts - tax and non-tax revenue. Revenue expenditure is the expenditure incurred on day to day functioning of the government and on various services offered to citizens. If revenue expenditure exceeds revenue receipts, the government incurs a revenue deficit. Capital Budget includes capital receipts and payments of the government. Loans from public, foreign governments and RBI form a major part of the government's capital receipts . Capital expenditure is the expenditure on development of machinery, equipment, building, health facilities, education etc. Fiscal deficit is incurred when the government's total expenditure exceeds its total revenue.

4. Economic survey: an introduction The  Economic Survey of India  is an annual document of the  Ministry of Finance ,  Government of India . The  Department of Economic Affairs and Ministry of Finance presents the Survey in the  Parliament  every year, just before the  Union Budget . It is prepared under the guidance of the  Chief Economic Advisor  of India. This document is presented to both Houses of Parliament during the  Budget Session . The first Economic Survey of India was presented in 1950-51 as part of the Union Budget. After 1964 it was separated from the Budget and presented each year during the Budget Session before the presentation of the budget. The document is non-binding. Nevertheless, is constructed and presented each year due to its significance.  

5. IMPORTANCE OF UNION BUDGET ENSURING STRUCTURED ALLOCATION OF RESOURCES WORK TOWARDS UNEMPLOYMENT AND POVERTY LEVEL ENSURE INCOME DISPARITIES AND WEALTH RELATED CONCERNS KEEP AN EYE ON INFLATION AND DEFLATION CHANGES IN THE TAX SYSTEM

6. IMPORTANCE OF AN ECONoMIC SURVEY The Economic Survey plays a significant role in setting priorities for the next financial year. It highlights which sectors may need more funding, policy support, and government programmes . Although the recommendations in the Economic Survey are not binding on the Union Budget, the survey is the most authoritative and comprehensive analysis of the economy conducted by the Union government. T he Economic Survey brings out the economic trends in the country and facilitates a better appreciation of the mobilization of resources and their allocation in the Union Budget. The Survey analyses the trends in agricultural and industrial production, infrastructure, employment, money supply, prices, imports, exports, foreign exchange reserves and other relevant economic factors that have a bearing on the Budget. It is presented in Parliament ahead of the Budget for the ensuing year. This analysis aids in appreciating the impact of government receipts and expenditure on various sectors of the economy.

7. The need for union budget The budget, particularly, focuses on employment, skilling, MSMEs, and the middle class and for all-around prosperity. The budget also details nine priorities for generating ample opportunities for all and suggests specific actions and reforms required to realise the goal of Viskit Bharat. Budget Theme Focus on employment, skilling, MSMEs, and the middle class.  Announcement of Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 Cr youth over a 5-year period with a central outlay of INR 2 Lakh Cr. Provision of INR 1.48 Lakh Cr for education, employment and skilling.

8. The need for union budget the 9 priorities according to interim budget 24-25 The nine priorities for generating ample opportunities for Indians includes: Productivity and resilience Employment and skilling Inclusive human resource development Social justice Urban development Energy security Infrastructure Innovation, research and development Next generations reforms

9. The need for economic survey The Economic Survey provides a forecast for the upcoming financial year, making it an essential tool for guiding policy decisions and shaping economic strategies. By offering an impartial assessment of the economy, the Economic Survey enhances transparency and ensures accountability in the government's economic policies. The document is divided into two parts. Part A reviews the country's economic developments and challenges, offering a broad overview of the economy. Part B focusses on specific topics such as social security, poverty, education, healthcare, human development, and climate issues. This division helps in providing a detailed statistical analysis of various sectors, including industry, agriculture, employment, prices, and exports. The Economic Survey plays a significant role in setting priorities for the next financial year. It highlights which sectors may need more funding, policy support, and government programmes .

10. difference between union budget and economic survey Basis Economic survey Union budget Purpose Provides an analysis of the economy’s performance challenges, future prospects Elucidates on the government Revenues and expenditure for the upcoming financial year Timing Presented one day before the union budget Presented at a fixed date before the beginning of financial year Nature Analytical and descriptive document Comprehensive financial statement authorship Chief economic advisor of country Ministry of finance Legal status Not legally binding Legally binding once approved by parliament Public availability After its presentation After its presentation

11. Difference between economic survey and union budget : Basis Economic survey Union budget Scope Covers wide range of economic issues and policies including GDP increase , inflation, agriculture, employment, industry and social welfare Focuses on financial aspects of government such as fiscal deficit and public deficit Influence on policy Provides insights and recommendation on policy formation AND REFORMS Guides the government financial resources and resource allocation Duration Typically longer Relatively shorter

12. Thank you presentation by: Kesava sarma.S Giriraj.V.R.B