Budget 2021: Here Are The Key Components Of The Union Budget Of India
The Union Budget 2021 is going to be announced on 1 February and here are the things you need to know before it.
The Finance Ministry is going to announce the annual budget for the year 2021 on 1st February. The Finance Minister, Nirmala Sitharaman, will address the nation on 1st February regarding the same. Read on to know about some of the key points regarding this year’s budget.
Watch the detailed explanation here:
Budget is an annual financial statement planned by the government, containing the details of expenditure in the past and estimated spending for the coming year. The economic survey that is presented ahead of the budget, is prepared under the guidance of the chief economic advisor to the government of India, who currently is Dr Krishnamurthy Subramanian.
Other than the main budget speech, it also comprises a finance bill, annual financial statement, demand for grants, and the macroeconomic framework.
These are the key components of the budget. Besides the finance bill, annual financial statement, demand for grants, and the macroeconomic framework, they also include the appropriation bill, highlights of the budget, and the memorandum explaining the provisions in the bill. These key components and the highlights indicate things like the budget proposals for the allocation of funds to be made in significant areas.
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