The Union Budget for FY 2020-21 has been announced on 1 February, 2020, to herald a decade of growth and prosperity. Prominent themes of this Budget are its focus on governance and financial sector to enhance the ease of living. Continuing on the aspiration to deliver maximum governance with minimum government, the Budget envisages structural reforms, digital revolution and inclusive growth. Likewise, the Financial sector receives renewed priority with various reforms such as increasing the deposit insurance coverage, divesting remaining government holding in IDBI Bank & separation of National Pension System (NPS) Trust for government employees from PFRDAI (Pension Fund Regulatory & Development Authority).
The Budget presentation process includes tabling of several key documents in the parliament, as mandated by various Articles and Acts of the Constitution. For instance, Articles 112, 113 and 110 (a) mandate the presenting of the documents listed below in addition to the Finance Minister's Budget Speech.
Similarly, provisions of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003 mandate the presentation of the documents below.
- Statements mandated under FRBM Act
Further, several explanatory statements are presented to support the aforesaid documents with a narrative in a user-friendly format that is suitable for quick or contextual references.
- Expenditure Budget
- Receipt Budget
- Expenditure Profile
- Budget at a Glance
- Memorandum Explaining the provisions in the Finance Bill
- Output Outcome Monitoring Framework
- Key Features of Budget 2020-21
Did You Know
The Budget is preceded by the tabling of the Economic Survey in the Budget Session of the Parliament by the Finance Minister. This year, the Finance Minister Ms.NirmalaSitharaman presented the Economic Survey 2019-20 on 31 January, 2020. The Survey is also presented by the Chief Economic Advisor (CEA) during a press meet after it is tabled in the Parliament.