Union Budget Online

The presentation of the Union Budget is an annual event that is looked forward to by people from all strata of society ranging from corporate honchos, housewives, students, the working class and even vegetable sellers.  The Budget is also known as the Annual Financial Statement. It is an estimate of the inflows and outflows of the government for a certain financial year. It lists the financial accomplishments of the previous year and enumerates the new fiscal policy to be followed during the current financial year.

According to Article 112 of the Constitution of India - External website that opens in a new window, a proper financial statement, giving calculated receipts and expenditures of the Union Government has to be presented before both the Houses of Parliament in respect of every financial year running from 1^st April to 31^st March. The Union Budget is usually declared on the last day of February. However, as the Lok Sabha Elections were scheduled to be held in April - May of 2009, an Interim Budget was announced on February 16^th, 2009. This Budget provided for the financial requirements of the country till 31^th July, 2009, after which, a second 'Vote on Account, from Parliament would be needed.

The Union Budget for 2009 is scheduled to be presented on 6^th July, after the Budget Session of Parliament commences on 2^ndJuly. It is expected to be read out by the Finance Minister at 11.00 am. The government is required to get the budget passed by July 31^st, the date when the first 'Vote on Account', which allowed the government to withdraw money from the Consolidated Fund of India expires. 

Here are some resources on the Union Budget -

• Interim Budget 2009-2010 - External website that opens in a new window
• Previous Union Budgets - External website that opens in a new window
• Procedure for Passing Money and Financial Bills - External website that opens in a new window

Economic Survey

The Economic Survey of India showcases the annual economic development of the country. It is scheduled to be presented on 2^nd July, when the Budget Session of Parliament begins. While the Union Budget sets goals and targets for the next one year, the Economic Survey focuses on the growth achieved the previous year and the factors that contributed to it.

It talks about the state of the economy while concentrating on selected economic indicators such as industrial production, food grains production, exports, imports, money supply growth and wholesale price changes. It also looks at changes in social sectors such as health, education and environment that were brought about through various policies, agreements or schemes. Here is a Year -Wise List of Economic Surveys - External website that opens in a new window.

Railway Budget

The Railway Budget, also known as the Rail Budget is likely to be presented on 3^rd July by the Minister for Railways. This budget consists of all financial matters related to the railways such as maintenance of funds, investment in infrastructure, profitability and current performance. It also includes details about new fares for different classes of train travel, launch of new trains, freight rates and information about other schemes and facilities brought about for the benefit of citizens.

The Rail Budget witnesses a similar form of Parliamentary and Audit control as the Union Budget. Here are the Rail Budgets for this year -

• Interim Rail Budget 2009-2010 (56KB) - PDF file that opens in a new window
• Rail Budget 2009-2010: Speech (239KB) - PDF file that opens in a new window | Highlights (41KB) - PDF file that opens in a new window

Globally, the potential of India as an economic power is widely recognized. Through the provisions of the Budget, the government seeks to eradicate poverty, provide an impetus to economic growth and ensure a better standard of living to the citizens of India. It is time to rediscover the latent capabilities of this country and steer her towards even more financial expansion.