The Union Budget was framed in the times of British. In fact, the concept of thebudget was passed down from the British. The British used this methodology to put a plan on how they have to manage their revenue to the government in the form of taxes. The collection of the tax money that forms the budget is a concept that is existent since times immemorial.
Bringing the Union Budget into action
The Union Budget had undergone several changes since its time of action in the year 1947.
- Britain and India
The Union Budget of India idea was framed by British and British also decided the budget time of India. The time of the budget announcement of the Indian government was controlled by the Britishers. The country was in its pre-liberalized state dependent on the British government as the Britishers used the materials from here to develop their economy. The left over after the Britishers framed their budget was only given to the Indian government.
The Indian budget would begin around 5 pm after the announcement of the British Budget. Later the time of theannouncement was changed to 11 am.
- Railway Budget and Union Budget
The Union Budget is usually announced in the last week of February. The Railway Budget would be announced in the first week of February. After the year 2016, the separate announcements for Railway and Union Budget were scrapped and only it came into effect as one single budget. The President of India decides the date of the budget and the budget will be announced by the Finance Minister in a joint parliamentary session that would chair the members of the parliament in the first week of February itself. That will only help to materialize the budget by April.
- The budget announced without fail:
The Budget would be announced every year be it any situation; therehave been times of many mishap incidents like Forex Crisis of 1991, the Kargil War, Pokhran blasts and such. Even when the country is undergoing such incidents, the budget would be announced without fail every time.
Thus, one can say that the Indian Budget is not a single-handed decision, the team comprising of bureaucrats and other crew who are involved in policy-making sit together and discuss the state of the nation and bring plans into the budget.