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Union Budget & Economic Survey


BUDGET 2018-2019

1.    The list of Budget documents presented to the Parliament, besides the Finance Minister's Budget Speech, is given below:

o    Annual Financial Statement (AFS)

o    Demands for Grants (DG)

o    Finance Bill

o    Statements mandated under FRBM Act:

1.    Macro-Economic Framework Statement

2.    Fiscal Policy Strategy Statement

3.    Medium Term Fiscal Policy Statement

o    Expenditure Budget

o    Receipts Budget

o    Expenditure Profile

o    Memorandum Explaining the Provisions in the Finance Bill

o    Budget at a Glance

o    Outcome Budget

The documents shown at Serial A, B, and C are mandated by Art. 112,113, and 110(a) of the Constitution of India respectively, while the documents at Serial No. D (i) (ii) and (iii) are presented as per the provisions of the Fiscal Responsibility and Budget Management Act, 2003. Other documents are in the nature of explanatory statements supporting the mandated documents with narrative in a user-friendly format suited for quick or contextual references. Hindi version of all these documents is also presented to the Parliament. A web version is hosted at http://indiabudget.nic.in, with hyperlinks, intended to make more efficient and user-friendly access to all documents.

2.    In addition to the above, the Department of Expenditure in the Ministry of Finance in collaboration with NITI Aayog from the financial year 2017-18, is preparing the consolidated Outcome Budget for all Ministries and Departments. Further individual Departments/Ministries also prepare and present to the Parliament their Detailed Demands for Grants and their Annual Reports. The Economic Survey which highlights the economic trends in the country and facilitates a better appreciation of the mobilization of resources and their allocation in the Budget is brought out by the Economic Division of the Department of Economic Affairs, Ministry of Finance. The Economic Survey is presented to the Parliament ahead of the Union Budget. The web versions of these documents are normally posted by the respective Ministries/Departments on their websites.

Economic Survey

The Economic Survey brings out the economic trends in the country which facilitates a better appreciation of the mobilisation of resources and their allocation in the Budget. The Survey analyses the trends in agricultural and industrial production, infrastructure, employment, money supply, prices, imports, exports, foreign exchange reserves and other relevant economic factors which have a bearing on the Budget, and is presented to the Parliament ahead of the Budget for the ensuing year.

The Budget of the Central Government is not merely a statement of receipts and expenditure. Since Independence, it has become a significant statement of government policy. The Budget reflects and shapes, and is, in turn, shaped by the country's economy. For a better appreciation of the impact of government receipts and expenditure on the other sectors of the economy, it is necessary to group them in terms of certain economic magnitudes, for example, how much is set aside for capital formation, how much is spent directly by the Government and how much is transferred by Government to other sectors of the economy by way of grants, loans, etc. This analysis is contained in the Economic and Functional Classification of the Central Government Budget which is brought out by the Ministry of Finance separately.


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Union Budget & Economic Survey