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- The Union Finance Ministry presented the Union Budget 2021-22 in Parliament. The Union Budget is the blueprint of the Government’s revenue and expenditure of government for a fiscal year, starting from 1st April of one year to 31st March of the following year. It also provides insight on the government’s fiscal policy and public finance. The budget promotes the idea of Atma Nirbhar Bharat.
- The genesis of the central Budget in India goes back to 1860 when it was first introduced by then finance minister James Wilson, two years after the transfer of Indian administration from the East India Company to the British Crown.
- Interestingly, the Constitution of India does not specifically use the word Budget. According to Article 112 of the Indian Constitution; it is an extensive financial statement that presents the Government’s estimation of revenue sources and estimated expenses for the year. It is classified into two parts –
- Revenue budget: It contains the government’s revenue receipts and expenditure
- Capital Budget: It comprises the government’s capital receipts and payments.
- Budget 2021 rests on six pillars — health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation, and R&D, and ‘Minimum Government, Maximum Governance’.
- Union Budget summary 2021-22 assumes great significance for UPSC aspirants as it impacts the overall Indian economy. GS Score Union budget 2021-22 summary includes and covers all the different sectors of the Indian economy.
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