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Budget Speech

About Budget Speech

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What is Budget Speech?

The Budget speech, delivered by the Union Finance Minister in Parliament, has two sections — parts A and B.
 
Part A of the budget speech
 
The first part of the budget speech provides an overview of the economy of the previous and current years, and also gives Budget estimates for the next financial year. Basically, part A covers review of the prevailing economic situation of the country, and is more concerned about the ‘macro’ aspect of the economy.
 
Part A provides the broad framework of expenditure in details for different sectors, introduces new schemes, and explains the priorities of the government. This segment of the Budget speech also specifies the focus areas of the government.
 
In part A, the finance minister provides a brief overview of total funds raised by the government through taxes or borrowing, and discusses how the money is to be spent on Budget deficit/surplus. It also presents a complete breakdown of the expenditure of each ministry.
 
Essentially, Part A deals with the general economic survey of the country. Fiscal deficit, current account deficit (CAD) and inflation are also discussed in Part A of the Budget speech.
 
Part B of the Budget speech
 
The second part of the Budget speech highlights the government’s tax proposals for the next financial year, and it has a direct bearing on the personal finance of citizens. Part B should also be read with the Finance Act, which is a document containing legal provisions. A reader can understand the provisions by going through the attached Memorandum of Explanations, which gives a broad background of changes.
 
The second section of the speech apprises taxpayers of the state of the economy, the progress the government has made on various developmental measures, and the direction of future policies.
 
While concluding Part B of the Budget speech, the finance minister describes proposals for taxation or discloses variations in the existing taxation system. The ‘Annual Financial Statement’ is presented at the conclusion of the speech of the finance minister.

Latest Updates on Budget Speech

Presenting the interim budget in Parliament, Sitharaman noted that India has over 80 chess grandmasters compared to about 20 in 2010.

Updated On: 01 Feb 2024 | 1:23 PM IST

Budget 2023-24 adopted seven priorities or Saptarishi, one of which is building focus on green growth

Updated On: 03 Feb 2023 | 6:15 AM IST

Investors in the automobiles sector are clearly betting on big ticket consumption improving, including commercial vehicles

Updated On: 03 Feb 2023 | 6:10 AM IST

Presently, no TDS is required on interest payable in the case of listed dematerialised securities

Updated On: 03 Feb 2023 | 6:10 AM IST

Here are 10 stocks across sectors that are expected to gain the most from the various proposals

Updated On: 03 Feb 2023 | 6:05 AM IST

The government has ring-fenced financial outlays for various social sectors, and this is reflected in nominal increases and efforts to make them more effective

Updated On: 03 Feb 2023 | 6:00 AM IST

Some of the countries whose allocation has been reduced under this head include Bhutan, Afghanistan and Mauritius

Updated On: 02 Feb 2023 | 8:42 PM IST

According to the Budget Estimates (BE) for 2022-23, the IIMs were allocated an amount of Rs 653.92 crores

Updated On: 02 Feb 2023 | 7:21 PM IST

According to Nasscom, the creation of 5G labs will further help in opening newer avenues and opportunities, scaling up new business models and employment prospects

Updated On: 02 Feb 2023 | 5:19 PM IST

The Smart Cities Mission was allotted Rs 8,000 crore as against Rs 8,800 crore in the revised estimates for the last fiscal

Updated On: 01 Feb 2023 | 11:22 PM IST

He said the budget stands firm on the foundation laid by the previous budgets presented by the Narendra Modi government

Updated On: 01 Feb 2023 | 11:08 PM IST

The allocation to the government's autonomous body, Prasar Bharati, has been increased to Rs 2,808.36 crore from Rs 2,764.51 crore allotted to it in the last fiscal

Updated On: 01 Feb 2023 | 10:55 PM IST

The chamber which has been seeking relief to the MSMEs expressed gratitude to the government for giving several incentives to the small businesses and the start-ups

Updated On: 01 Feb 2023 | 10:48 PM IST

The Budget marked an increase in the allotment for Ex-Servicemen Contributory Health Scheme (ECHS) with Budget Estimates of Rs 5,431.56 crore in FY 2023-24 as against Rs 3,582.51 crore in FY 2022-23

Updated On: 01 Feb 2023 | 10:37 PM IST

The Budget allocated Rs 3,113.36 crore to the ministry, against Rs 10,667 crore in 2022-23, which was later revised to Rs 9,363.70 crore

Updated On: 01 Feb 2023 | 10:31 PM IST

The Department of Atomic Energy has been allocated Rs 25,078.49 crore which is lower than Rs 25,965.67 crore it had received in the revised estimates in the 2022-23 fiscal

Updated On: 01 Feb 2023 | 10:28 PM IST

According to Union Budget documents, an individual will have to pay tax on the maturity amount of life insurance policies where the aggregate annual premium exceeds Rs 5 lakh

Updated On: 01 Feb 2023 | 9:18 PM IST

For the next fiscal beginning April 1, the miscellaneous capital receipts have been pegged at Rs 61,000 crore, including Rs 51,000 crore from disinvestment

Updated On: 01 Feb 2023 | 9:11 PM IST

Rijiju has termed the allocation as "unprecedented", which will create paperless courts for faster delivery of justice

Updated On: 01 Feb 2023 | 9:00 PM IST

The budget also has penciled in a lower revenue growth forecast given the most-likely fall in nominal GDP from 15.5 per cent this fiscal to about 10 per cent next year

Updated On: 01 Feb 2023 | 8:53 PM IST