Union Budget 2020 Key Highlights For UPSC CSE By Yuvraj IAS Academy
The Union Budget is also known as the Annual Financial Statement. Article 112 of the Constitution of India lays down that it is a statement of the estimated expenditure and receipts of the Government for a particular year.
- The Budget keeps the account of the finances of the government for the fiscal year (from 1st April to 31st March).
- The Budget is presented on 1st February (until 2016, it was presented on the last working day of February) so that it can materialise before the commencement of the new financial year which starts on 1st April.
- In 2017, a 92-year-old tradition was broken when the railway budget was merged with the Union Budget and presented together.
- The Budget has to be passed by the Lok Sabha before it can come into effect.
- The Union Budget is divided into Revenue Budget and Capital Budget.
- In the Union Budget, the disbursements and receipts of the government comprise the various types of government funds in India namely, the Consolidated Fund of India, the Contingency Fund and the Public Account.
- The Economic Survey of India is released ahead of the presentation of the Budget. This document is prepared under the guidance of the Chief Economic Advisor and is presented for discussion in both Houses during the Budget session.
Union Budget 2020-21: Check detailed analysis of the Union Budget announcements made by Minister Nirmala Sitharaman. Know the theme of Union Budget, major budget allocations and new schemes along with the changes in Tax Structure.
Union Budget 2020 is presented in the Lok Sabha by Finance Minister Nirmala Sitharaman. The Budget 2020 is focussed on 3 major themes – Aspirational India; Economic Development for all & A Caring Society. The Budget allocates funds and proposes new schemes for every sector under these three themes. Get here the detailed analysis and highlights of the Union Budget 2020 and know Important Policy Decisions taken by the Finance Ministry along with New Schemes and changes in Tax Slabs. Watch what Budget holds for the year 2020 in terms of allocated finances of Central as well as State Governments, estimated expenditure to be incurred in 2020-21 and revenues expected to be earned through such expenditure.
The year 2019 has been a bit challenging in terms of economic growth and development globally as well as nationwide. A steep decline in the GDP growth rate was witnessed during the July-September quarter of 2019 in India; GDP stood at its lowest at 4.5 percent. The Union Budget 2020 is focused on reviving the Indian Economy in this fiscal through changes in Income Tax Slabs, taxation reforms, policy changes for Real Estate Sector, the resurgence of Automobile Sector, encourage privatization in CPSEs, boost for MSMEs, Bank reforms and so much more.
Here is the complete analysis and major highlights of the Budget 2020:
Theme: Aspirational India; Economic Development for all & A Caring Society
Languages used in Union Budget 2020: Hindi, English, Kashmiri, French