Question: Who Approves The Union Budget?

What is the budget allocation for the make in India in Union Budget 2020 21?

Rs 2.83 lakh crore (US$ 40.06 billion) to be allocated for the following 16 Action Points: Rs 1.60 lakh crore (US$ 22.64 billion) for Agriculture, Irrigation & allied activities….Union Budget 2020-21.Taxable Income Slab (Rs)Existing tax ratesNew tax ratesAbove 15 Lakh30306 more rows•Feb 1, 2020.

What is the biggest source of income for Central Govt in the Union Budget 2020 21?

What is the biggest source of Income for the Central Government in the Union Budget 2020-21? Explanation: Borrowings and other liabilities account for 20% of the total income of the Central Government.

Who is the father of budget in India?

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

Which bills are presented along with Budget?

Which one of the following sets of Bills is Presented to the Parliament along with the Budget ?1)Direct taxes bill and Indirect taxes bill2)Contingency Bill and Appropriation Bill3)Finance Bill and Appropriation Bill4)Finance Bill and Contingency Bill5)NULL

When was the first budget of Free India presented?

November 26, 1947The first Union Budget of Independent India was presented by RK Shanmukham Chetty on November 26, 1947.

Who was the first man of India?

List of First in India (Male)First Prime Minister of free IndiaPt. Jawaharlal NehruFirst batsman to score double century in One Day International cricket matchSachin TendulkarFirst man to have climbed Mount Everest twiceNawang GombuFirst President of Indian RepublicDr. Rajendra PrasadFirst Indian PilotJ.R.D. Tata42 more rows

How Union budget is passed?

1) Before tabling the budget, the Finance Minister gives a speech in the Lok Sabha. This year, interim finance minister Piyush Goyal will give a speech in Parliament. 2) Following the Finance Minister’s speech, the budget would be tabled in Parliament.

Who is the first woman to budget in India?

Minister Indira GandhiFormer Prime Minister Indira Gandhi was the first woman to have presented the Union Budget. In 1970, she presented the Union Budget of India for 1970-71 after she took over the Finance portfolio following the resignation of Morarji Desai as Finance Minister.

How is the budget decided?

The annual federal budget process begins with a detailed proposal from the President; Congress next develops a blueprint called a budget resolution that sets limits on how much each committee can spend or reduce revenues in bills considered over the course of the year; and the terms of the budget resolution are then …

Who presented the first budget?

Shanmukham ChettyThe first Union Budget of Independent India was presented by RK Shanmukham Chetty on November 26, 1947.

How much is the 2020 Union budget?

Expenditure: The government proposes to spend Rs 30,42,230 crore in 2020-21, which is 12.7% higher than the revised estimate of 2019-20.

Who is the 1st Finance Minister of India?

Post Independence, the first budget of Union of India was presented on 26th November, 1947 by India’s first Finance Minister Sri R.K. Shanmugham Chetty.

Which country first introduced budget?

The first Union budget of independent India was presented by R. K. Shanmukham Chetty on 26 November 1947. The Union budgets for the fiscal years 1959–61 to 1963–64, inclusive of the interim budget for 1962–63, were presented by Morarji Desai.

What are the types of budget in India?

Budgets in India fall under three types — namely balanced, surplus and deficit budgets. The classification of a particular budget will depend on whether the estimated spending by the government over the year is equal to or less than or more than the receipts anticipated.

Who prepares the Union Budget?

The Budget Division of the Department of Economic Affairs in the finance ministry is the nodal body responsible for producing the Budget.

When Union budget is presented?

Date of Budget presentation has varied throughout the history of Independent India. Since 2017, the Union Budget has usually been presented on the first of February, every year. Before that, it used to be presented on the last day of February.

Who made budget in India?

The Union Budget of India for 2020–2021 (ISO: 2020 kē liē Bhārat kā Kēndrīya Bajaṭ) was presented by the Finance Minister, Nirmala Sitharaman on 1 February 2020, as her second budget. This is the second budget of Narendra Modi-led NDA government’s second term.

What was the theme of the Union Budget 2020 to 2021?

Recently the Union Finance Minister has presented the Union Budget 2020-21 with the central theme of ease of living for all citizens, it is based on the following three prominent themes: Aspirational India – better standards of living with access to health, education and better jobs for all sections of the society.

What are the 3 types of budgets?

Depending on the feasibility of these estimates, Budgets are of three types — balanced budget, surplus budget and deficit budget.

How many union budget presented till now?

As of September 2017, Morarji Desai has presented 10 budgets which is the highest count followed by P Chidambaram’s 9 and Pranab Mukherjee’s 8. Yashwant Sinha, Yashwantrao Chavan and C.D. Deshmukh have presented 7 budgets each while Manmohan Singh and T.T. Krishnamachari have presented 6 budgets.