Prepared By:-

Nikul [11]
Riddhi [14]
Hardik [18]
Paresh [46]

The dictionary meaning of budget is a systematic plan for the
expenditure of a usually fixed resource during a given period.
Thus, Union Budget, which is a yearly affair, is a comprehensive
display of the Governments finances. It is the most significant
economic and financial event in India. The Finance Minister puts
down a report that contains Government of Indias revenue and
expenditure for one fiscal year. The fiscal year runs from April 01 to
March 31.


The Union Budget of I ndia, referred to as the Annual Financial Statement

in Article 112 of the Constitution of India , is the annual budget of the
Republic of India, presented each year on the last working day of
February by the Finance Minister of India in Parliament.
The budget, which is presented by means of the Financial Bill and the
Appropriation bill has to be passed by the House before it can come into
effect on April 1, the start of India's financial year. Former Finance
Minister Morarji Desai presented the budget ten times, the most by any.



The Union Budget of India for 20122013 was presented by Pranab
Mukherjee, the Finance Minister of India on 16 March 2012, this was the
7th budget of his career. These budgetary proposals would be applicable
from 1 April 2012 to 31 March 2013.
The Union Budget of India for 20132014 was presented by P.
Chidambaram on 28
th
February 2013. (Thursday)
The Union Budget of India for 20142015 was presented by P.
Chidambaram on 28
th
February 2014.



The first Union budget of independent India was presented by R. K.
Shanmukham Chetty on November 26, 1949.
The Union budgets for the fiscal years 1959-61 to 1963-64, inclusive of the
interim budget for 1962-63, were presented by Morarji Desai. On
February 29 in 1964 and 1968, he became the only finance minister to
present the Union budget on his birthday. Vyas presented budgets that
included five annual budgets, an interim budget during his first stint and
one interim budget and three final budgets in his second tenure when he
was both the Finance Minister and Deputy Prime Minister of India.

After desai's resignation, Indira Gandhi, the then Prime Minister of
India, took over the Ministry of Finance to become the only woman
to hold the post of the finance minister.
Pranab Mukherjee, the first Rajya Sabha member to hold the
Finance portfolio, presented the annual budgets for 1982-83, 1983
84 and 1984-85.
Rajiv Gandhi presented the budget for 1987-89 after V P Singh quit
his government, and in the process became only the third Prime
Minister to present a budget after his mother and grandfather.



N. D. Tiwary presented the budget for 1988-89, S B Chavan for 1989-90,
while Madhu Dandawate presented the Union budget for 1990-91.
Dr. Manmohan Singh became the Finance Minister but presented the
interim budget for 1991-92 as elections were forced.
Due to political developments, early elections were held in May 1991
following which the Indian National Congress returned to political power
and Manmohan Singh, the Finance Minister, presented the budget for
1991-92.

Manmohan Singh, in his next annual budgets from 199293, opened the
economy, encouraged foreign investments and reduced peak import duty
from 300 plus percent to 50 percent.
After elections in 1996, a non-Congress ministry assumed office. Hence the
final budget for 1996-97 was presented by P. Chidambaram, who then
belonged to Tamil Maanila Congress.
Following a constitutional crisis when the I. K. Gujral Ministry was on its
way out, a special session of Parliament was convened just to pass
Chidambaram's 1997-98 budget. This budget was passed without a debate.



After the general elections in March 1998 that led to the Bharatiya Janata
Party forming the Central Government, Yashwant Sinha, the then Finance
Minister in this government, presented the interim and final budgets for 1998-
99.
After general elections in 1999, Sinha again became the finance minister and
presented four annual budgets from 1999-2000 to 2002-2003. Due to elections
in May 2004, an interim budget was presented by Jaswant Singh.
The Union Budget of I ndia for 20132014 was presented by Finance
Minister, P. Chidambaram on 28
th
February 2013,11 am.
The Union Budget of I ndia for 20142015 was presented by Finance
Minister, P. Chidambaram on 2014.


The state of world economy has been the most decisive factor affecting the
fortunes of every developing country.
The world economy has been witnessing a sliding trend in growth, from 3.9
percent in 2011 to 3.1 percent in 2012 and 3 percent in 2013.
Apart from embarking on the path of fiscal consolidation, the objectives of
price stability, self sufficiency in food, reviving the growth cycle,
enhancing investments, promoting manufacturing, encouraging exports,
quickening the phase of implementation of projects and reducing a stress
on important sectors were the goals set in 2012-13.
The economic situation of major trading partners of India, who are also
the major source of our foreign capital inflows, continues to be under
stress. United States has just recovered from long recession, Euro zone, as
a whole, is reporting a growth of 0.2 per cent, and Chinas growth has also
slowed down.
The economic challenges faced by our country are common to all
emerging economies. Despite these challenges, we have successfully
navigated through this period of crisis.

To give relief to the Automobile I ndustry, which is registering
unprecended negative growth, the excise duty is reduced for the
period up to 30.06.2014 as follows:
Small Cars, Motorcycle, Scooters and
Commercial Vehicles - from 12 % to 8%
SUVs - from 30% to 24%
Large and Mid-segment Cars - from 27/24% to 24/20%
The loading and un-loading, packing, storage and warehousing of rice is
exempted from Service Tax.
The services provided by cord blood banks is exempted from Service Tax.
115,000 crore has been allocated for food subsidies taking in
to account.
The expenditure on subsidies for food, fertilizer & fuel will be
246,472 crore slightly higher than the revised estimates of `
245,453 crore in 2013-14.





11,300 crore is proposed to be provided for Capital infusion in
Public Sector Banks.
5,207 new branches have been opened against the target of
8,023.




Bhartia Mahila Bank has been established.

The target of ` 700,000 crore of Agricultural Credit is likely to
be exceeded by the Banks. The target for 2014-15 is ` 800,000
Crore.



The number of bank accounts of minorities has increased to
43,52,000 at the end of March 2013 from 14,15,000 ten years
ago. The volume of lending has soared to ` 66,500 crore from
4,000 crore in the same period.
Loans to minorities stood at ` 211,451 crore at the end of
Decemeber 2013.

Ten years ago, only 9,71,182 women Self-Help Groups
(SHGs) had Ben credit linked to banks. At the end of
December 2013, 4,11,6000 women SHGs had been provided
credit and the outstanding amount of credit was ` 36,893 crore

The fiscal deficit for 2013-14 contained at 4.6 percent .

The current account deficit projected to be at USD 45 billion
in 2013-14 down from USD 88 billion in 2012-13.

Foreign exchange reserve to grow by USD 15 billion in this
Financial Year No more talk of down grade of Indian
Economy by Rating Agencies. Fiscal stability at the top of the
Agenda.
Government and RBI have acted in tandem to bring down
inflation.

WPI inflation down to 5.05 percent and core inflation down to
3.0 percent in January 2014. Food inflation down to 6.2
percent from a high of 13.8 per cent.



Agricultural sector has performed remarkably
well. Food grain production estimated for the
current year is 263 million tonnes compared to
255.36 million tonnes in 2012-13


Agriculture export likely to cross USD 45 billion higher from
USD 41 billion in 2012-13.

Agricultural credit to exceed the target of ` 7 lakh crores.

Agricultural GDP growth for the current year estimated at 4.6
percent compared to 4.0 percent in the last four years.


In Foreign exchange reserve 15 million $ increase
GDP for 3
rd
& 4
th
quarter 5.2% for year 2013-14