Union Budget 2020-21 - Inclusive Growth

Monday, July 01 2019

Under Article 112 of the Constitution, a statement of estimated receipts and expenditure of the Government of India has to be laid before Parliament in respect of every financial year from 1st April to 31st March. This statement titled “Annual Financial Statement” is the main Budget document. The Annual Financial Statement shows the receipts and payments of Government under the three parts in which Government accounts are kept: (i) Consolidated Fund, (ii) Contingency Fund and (iii) Public Account. Hence, in this sense the budget is routine. But the budget provides an indication of the state of the economy, priorities of the Government and the use of instruments to realize identified objectives, influence direction and pace of the economy. Hence, the budget, which is a document of estimates based on assumptions and strategies to achieve those estimates, is much more than a public statement of expected government revenues and scheme expenditures over a period of one year.

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