The countdown of the Union Budget starts as soon as printing begins. This year the economy is in a slump due to Corona virus and the financial loss has increased to Rs 10.76 lakh crore. Therefore, this year’s budget will be of special importance to people of every category. Know every detail related to the budget.
Explain that till now Finance Minister Nirmala Sitharaman has held pre-budget consultations with budgets of industry, services and business in relation to Budget 2021. The finance minister will present the budget in the Lok Sabha at 11 am on February 1.
The process starts with the pudding ceremony
Every year the Finance Ministry starts printing of budget documents with the holding of ‘Halwa Samaroh’. In it, it is prepared in a big pan and the entire staff involved in the preparation of the budget is served. The importance of serving pudding to the officials is also to mark the secrecy of the entire project.
Immediately after the pudding ceremony, officers who are involved in making the Union Budget have to live in a separate North Block from their families until the presentation of the budget in the Lok Sabha. They are not allowed to contact families through phone or any other form of communication such as e-mail or any other means.
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Only very senior officials in the finance ministry are allowed to go home. Even mobile jammers are installed to block phone calls. Internet connections of employees and senior officials are cut. Phone calls made through established landlines are closely monitored.
Economic survey
The Economic Survey is an annual major document of the Ministry of Finance. Just before the Union Budget, the Department of Economic Affairs, Ministry of Finance presents the survey in Parliament every year. It is prepared under the guidance of the Chief Economic Advisor of India. The survey is a detailed report of the country’s economic performance during the previous year. It is basically an assessment of the progress of the economy over a period of 12 months.
The finance minister presents the budget on 1 February during the budget session. However, due to the outbreak of the corona virus, it is likely that the budget session will be held with security measures, including strict social distancing criteria. For the first time, Members of Parliament can be seated in three different places – Rajya Sabha chamber, Lok Sabha chamber and Central chamber for President Ram Nath Kovind’s address at the beginning of the session.
The budget-making team includes Finance Secretary Nirmala Sitharaman along with Finance Secretary AB Pandey, Economic Affairs Secretary Tarun Bajaj, DIPAM Secretary Tuhin Kanta Pandey, Financial Services Secretary Debashish Panda, Expenditure Secretary TV Somanathan and Chief Economic Advisor Krishnamurthy Subramaniam .
