The preparations for the Union Budget for the financial year 2018-19 are already on, and the Finance Ministry is up for it. The Finance Ministry has already issued the Budget circular to nodal Ministries that has a list of the norms and rules related to the need for the funds.
The FM has asked the ministries to concentrate on the ways to create revenue that are non-taxable like dividends and interest receipts.
The Finance Ministry says in an announcement, “There would be a specific discussion on the non-tax revenue mobilized by the Ministry or Department and its potential to generate it, and this will be duly considered while finalizing the Budget allocation,”.
The task for the Financial Advisers of each Ministry has also been assigned. They are expected to make the trends of the Budget and Expenditure along with making the Revenue which is non-taxable in nature for the FY’ 2018-19. They were asked to submit the same to the Finance Ministry and the Budget Estimates as well soon.
As per the business news India, the Budget will be tabled in the Parliament on February 1 by the Finance Minister, Arun Jaitley. Another thing that the Finance Ministry has asked for is the draft paragraphs at the earliest so that they can include the same in their Budget Speech as the financial implication will be soon discussed in the RE meetings. The nodal ministries are needed to submit all the information on the fund requirements online.
Expenditure Secretary is going to lead the Pre-Budget meetings. The discussion will be related to the fund requirements for the ongoing fiscal and the fiscal year 2018-19 too.
In a statement the Finance Ministry had said, “The final ceilings for Revised Estimates and Budget Estimates shall be communicated latest by January 15,”. NITI Aayog, that has released its three-year action plan, will be an important benchmark for the Finance Ministry while the allocate the resources. NITI Aayog plays a role in lending policy advice to the Budget and also takes care of the Outcome Budget, will be led by the new Vice-Chairperson, Rajiv Kumar.
According to the India business news, the Budget for the year 2018-19 could be the last full-fledged one by the NDA government before the commencement of the elections in the year 2019. It is also the first one after the launch of goods and services tax (GST). It might reframe the Centre’s Budgeting procedures.
Since many top officials are going to retire, a new team of Secretaries other than the existing Revenue Secretary, Hasmukh Adhia, would participate in the Budget. The Secretary of the Department of Economic Affairs, Subhash Chandra Garg, will lead the Budget-making process while Rajiv Kumar became the Secretary of the Department of Financial Services recently.
Finance minister Arun Jaitley, Prime Minister Narendra Modi, and other government officials will have a tough time deciding things like how much will be spent on infrastructure, hospitals, programs to help the rural poor, policies to improve education, or those to clean up the environment.