national budgeting in india

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NATIONAL BUDGETING IN INDIA

The 2012 United States federal budget is the United States federal budget to fund

government operations for thefiscal year2012, which is October 2011September 2012.

The original spending request was issued byPresidentBarack Obama in February 2011,

while the Republican-held House of Representatives, coming off of a major victory in

the2010 Congressional elections associated with the Tea Party movement, in April 2011

announced a competing plan, The Path to Prosperity. The budget plans were both intended

to focus on deficitreduction, but differed in their changes totaxation,entitlement

programs,defense spending, andresearch funding.

The budget was greatly affected by the Budget Control Act of 2011, which was passed in

August 2011 as a resolution to thedebt-ceiling crisis and mandated budget cuts over the

subsequent ten years beginning with Fiscal Year 2012. The actual appropriations for Fiscal

Year 2012 were enacted as three appropriations bills in November and December 2011, in

accordance with theUnited States budget process. In addition, legislation was passed to

extend a cut in the Social Security payroll tax for the entirety of calendar year 2012, as part

of two bill enacted in December 2011 and February 2012.

History

Early proposals:-

In February 2010, President Obama formed a bipartisan commission, called

theBowlesSimpson Commission, to recommend steps that could be taken to reduce future

budget deficits. The commission released its report on November 10, 2010, which

recommended deep domestic and military spending cuts, reforming the tax system by

eliminating many tax breaks in return for lower overall rates, and reducing benefits for

Social Security and Medicare. The plan did not receive the supermajority vote within the

commission which it needed to be directly sent to Congress, and portions of the plan were

rejected by both parties.
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The Obama administration proposed his 2012 budget on February 14, 2011. Obama's

budget proposal aimed to reduce annual deficits to more sustainable levels by making

selective cuts in spending, while increasing support in specific areas such as education and

clean energy to foster long-term economic growth. The plan did not contain specific

proposals to rein in spending on entitlement programs such asMedicare,Medicaid,

and Social Security, which are expected to make up much of the increase in the deficit in

future years. The budget represented a shift from the Obama administration's strategy in

previous years of using increased government spending, such as the American Recovery

and Reinvestment Act of 2009, to combat the late 2000s recession. The 2012 budget plan

was instead projected to reduce deficits by $1.1 trillion over the next ten years. Republicans

criticized the plan for not going far enough to reduce future deficits. A motion to proceed

on President Obama's 2012 budget proposal was defeated in the Senate by a margin of 0-97

votes on May 25, 2011, the same day that the Ryan budget was also defeated.

A competing plan, calledThe Path to Prosperity, was announced by House Republicans,

led by Representative Paul Ryan, on April 5, 2011. This plan would reportedly cut $5.8

trillion in spending over ten years, but would also reduce tax income by $4.2 trillion below

current projections. The plan would make no further reduction in defense spending beyond

the Obama administration's plan, but would make major changes to Medicare, Medicaid,

and Social Security, which was expected to pass more of the cost of these programs onto

individuals. It would also cut energy research and other applied research and development.

This plan was criticized for disproportionately cutting programs which benefit the

disadvantaged and stifling innovation, while not cutting defense spending further and

containing deep tax cuts. The House Republican plan was defeated in the Senate by a

margin of 40-57 votes on May 25, 2011.

In response to the Republican plan and a recent deal on the 2011 budget, President

Obama on April 13, 2011 presented an alternative plan in a major policy speech. This newplan would cut deficits by $4 trillion over 12 years through a combination of broad

spending cuts and tax increases, including the expiration of the Bush tax cutsfor incomes

over $200,000 and proposed a cap on increases in Medicare and Medicaid spending, to be

paid for by individuals. Obama criticized the Republican plan for enriching the wealthy

through tax cuts while placing a greater economic burden on the elderly through Medicare
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cuts. Obama's plan was criticized by Republicans for its large cuts in defense spending and

for its lack of specific detail. On June 23, at a hearing of the Budget Committee, CBO

director Douglas Elmendorf was asked what his agency made of the proposals in that

presidential address. We dont estimate speeches, he said. We need much more

specificity than was provided in that speech."

Implications of debt limit deal:-

A controversy arose in July 2011 over the raising of the federal debt limit, with

Republicans in Congress demanding spending cuts in the 2012 and subsequent budgets in

return for raising the debt limit. On July 19, 2011, the Republican-led House passed a bill,

the Cut, Cap and Balance Act, by a margin of 234190 which would require $111 billion in

cuts in 2012 spending levels, exempting defense, Medicare, and Social Security from these

cuts, and would limit subsequent federal spending to about 20% of the gross national

product as compared to the current 24%. It did not immediately increase the debt limit, but

would have required Congress to pass a Balanced Budget Amendment to theUnited States

Constitution before increasing the debt limit. The bill was tabled by a vote of 5146 in the

Senate on July 22, and thus defeated. An alternate plan proposed by the bipartisanGang of

Sixsenators and favored by the Obama administration would contain about $3.7 trillion in

deficit reduction over the next decade, including both new revenue and large spending cuts,

including in entitlement healthcare and defense, failed to gain traction.

Two rival plans were then prepared by the Senate Democrats and House Republicans.

The Democratic plan would immediately raise the debt limit by $2.7 trillion, enough to last

beyond the2012 elections, and would decrease spending by $900 billion over ten years.

The Republican plan would cut a total of $850 billion over ten years, and would raise the

debt limit in two stages: by $1 trillion immediately, enough to last until early 2012, and

then would form a bipartisan committee to recommend the second half of the budget cuts,

which upon being passed by Congress would increase the debt limit by another $1.6

trillion. Neither plan included revenue increases or cuts to entitlement programs. The vote

on the Republican plan was delayed several times as more conservative members of the
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caucus refused to support it. After being altered to again require passage of a Balanced

Budget Amendment before the second stage of debt limit increases, it passed the House

218210, with 22 Republicans opposing the bill. It was defeated in the Senate two hours

later by a vote of 5941, as the Democratic plan was prepared to be taken up there.

On July 31, 2011, it was announced that President Obama and the leadership of both

legislative chambers had reached a deal on the debt limit legislation. The deal guaranteed

$2.4 trillion in immediate and eventual debt limit increases. It mandated $917 billion in

spending cuts over ten years, of which $21 billion would be included in the FY2012

budget. It would then give Congress a choice between either accepting the recommendation

of a Joint Select Committee on Deficit Reduction which would cut the deficit by $1.21.5

trillion through spending cuts and/or revenue increases, or accepting automatic budget cuts

to national security funding (including defense spending) and to Medicare, which would

start in the FY2013 budget. Congress would also be required to vote on a Balanced Budget

Amendment. On August 1, the Budget Control Act of 2011 passed the House 269161,

with 66 Republicans and 95 Democrats voting against the bill. On August 2, it passed in

the Senate 7426, and was signed into law by President Obama the same day.

Initial continuing resolutions and FEMA controversy:-

Because the federal budget legislation was not expected to be enacted by the September 30,

2011 deadline, work began on a continuing resolution to fund the government temporarily

through November 18, 2011 with an across-the-board reduction of 1.503% below the 2011

budget levels. However, a dispute arose between the Republican-led House and the

Democrat-led Senate over the amount of additional funding for theFederal Emergency

Management Agency for costs associated with relief from Hurricane Irene, and whether

this extra funding should be partially offset with cuts elsewhere; these proposed cuts

mainly targeted a program to fund development of fuel-efficient automobiles. The Senaterejection of the House bill on September 23, 2011 raised the possibility of a government

shutdown on October 1.

However, the revelation that FEMA would not in fact run out of money before the end of

they year allowed a pair of continuing resolutions to be passed by the Senate on September
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26: one lasting until October 4, 2011 to give the then-out-of-session House of

Representatives time to consider the second resolution, which funds the government

through the first seven weeks of the 2012 fiscal year, until November 18, 2011.The House

passed the short-term resolution on September 29, 2011 byunanimous consent in an

unusual example of passing legislation during apro forma session. After the House came

back into normal session, the second continuing resolution was passed by a vote of 35266

on October 4, 2011.

Budget legislation passed:-

On November 18, 2011, the first appropriations bill was enacted, the Consolidated and

Further Continuing Appropriations Act, 2012. It combined the three appropriations bills for

Agriculture, Commerce/Justice/Science (CJS), and Transportation/Housing and Urban

Development (THUD), and also contained a continuing resolution providing funding for

other departments until December 16, 2011.

On December 15, 2011, a deal was reached on the remaining nine appropriations bills,

which were combined into the Consolidated Appropriations Act, 2012. One point of

contention was that an earlier draft of the bill supported by Republicans containednew

restrictions on travel to Cuba, which had been relaxed by the Obama administration in

2009. These restrictions were removed in the enacted bill at the insistence of the Obama

administration. A separate Disaster Relief Appropriations Act, 2012 was also included in

the package, as well as aconcurrent resolutionwhich offset the increased disaster funding

by imposing a 1.83% across-the-board spending cut to all discretionary programs except

Defense and Veterans Affairs.Two more continuing resolutions were also passed, one

extending the deadline by one day so that the Senate could vote on the package, and one

until December 23, 2011. The two appropriations bills were enacted on December 23,

2011, but the concurrent resolution failed in the Senate.

On December 17, 2011, the Senate passed legislation to extend the Social Security payroll

tax cut which had been originally enacted for the 2011 calendar year as part of the Tax

Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 during the

FY2011 budget negotiations. The cut had been from 6.2% to 4.2%. The extension was only
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for two months, rather than the full-year extension which had been sought, and the

legislation also extended unemployment benefits and maintained the samerates for

Medicare reimbursement, and paid for these initiatives with new fees on Fannie

Mae and Freddie Mac. Points of contention included a Democratic plan to fund the tax cut

with a new surtax on income over $1 million, which was dropped in later stages of

negotiation, as well as attempts by Republicans to insert language which would speed the

approval of theKeystone XL pipeline, which had recently been delayed by the Obama

administration.[23][27] The bill was initially rejected in the House, whose leaders insisted on a

full-year extension, despite the fact that the Senate had already adjourned for the year.

However, after criticism from other Republicans that the impasse would harm their

prospects in the upcoming 2012 elections, the House leadership on December 23, 2011

announced that it would pass the Senate bill in return for Democrats promptly beginning

negotiations on a full-year extension. The bill, the Middle Class Tax Relief and Job

Creation Act of 2011, was passed by the House and signed by the President later that day.

The tax cut for the remainder of the year was passed as the Middle Class Tax Relief and

Job Creation Act of 2012 on February 17, 2012, by a vote of 293132 in the House and

6036 in the Senate. The bill contained the payroll tax cut as well as an extension of

unemployment benefits and the Medicare reimbursement rates. The cost of the tax cut was

not offset by spending cuts, but the other provisions were offset by cuts in federal

healthcare and pension programs. Republican support for the bill was motivated by a desire

to not oppose a tax cut in an election year. Some Democrats criticized the bill for directing

spending cuts at federal employees rather than generating funds by increasing taxes on the

wealthy or closing tax loopholes.

Major initiatives

No new funding for intercity and high-speed rail was included in the budget. This

funding had originally been introduced as part of theAmerican Recovery and

Reinvestment Act stimulus bill in 2009, but had proved controversial as several

Republican governors elected in the2010 elections subsequently rejected the federal
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funding for rail projects in their states. However, funding for 26 short-distance routes

eliminated in the House version was restored in the enacted bill.

TheNational Science Foundation's budget was increased 2.5%, to $7.03

billion, and theNational Institutes of Health's was increased slightly from $30.4 billion

to $30.7 billion. However, the Office of Science and Technology Policy's budget was

cut by 32% to $4.5 million, in retaliation for the office allegedly ignoring a provision in

2011 budget legislation banning it from pursuing collaborations with China. Funding

for the James Webb Space Telescope, the successor to theHubble Space Telescope,

was maintained, as was funding for the Joint Polar Satellite System.

The legislation contained a ban on using federal funds to enforce thephase-out of

incandescent light bulbsthat had been mandated in theEnergy Independence and

Security Act of 2007, but requires recipients of more than $1 million in Department of

Energy grants to comply with the energy efficiency standards.

Regular funding for the Department of Defense increased from $513 billion to $518

billion, including a 1.6% pay raise for military personnel. Funding for the wars in

Iraq and in Afghanistan was reduced from $158 billion to $115 billion.

Funding for theRace to the Top education program was cut from $698 million to

$550 million. A proposal to create an educational technology research and

development program, Advanced Research Projects Agency-Education (ARPA-ED), in

a similar vein to the successfulDARPA research agency within the Department of

Defense, was not enacted.

The Obama administration had requested to create a Climate Service

withinNOAA, similar to theNational Weather Service. This request was not enacted.

Transfers of prisoners from theGuantanamo Bay detention camp to the United

States was prohibited, and language on transfers to other countries was revised.

The Department of Justice was forbidden from consolidating or maintaining certainfirearms records, and it was prohibited for health officials to use federal money to

advocate gun control.

Total revenues and spending
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The Obama administration's budget request contained $2.627 trillion in revenues and

$3.729 trillion in outlays for 2012, for a deficit of $1.101 trillion. The April 2011

Republican plan contained $2.533 trillion in revenues and $3.529 trillion in outlays. The

enacted budget contained $2.469 trillion in receipts and $3.796 trillion in outlays, for a

deficit of $1.327 trillion.

Total receipts:-

Item Requested Enacted

Individual income tax $1141 billion $1165 billion

Corporate income tax $329 billion $237 billion

Social Securityand otherpayroll tax $925 billion $841 billion

Excise tax $103 billion $79 billion

Customsduties $30 billion $31 billion

Estate andgift taxes $14 billion $11 billion

Deposits of earnings and Federal Reserve System $66 billion $81 billion

Other miscellaneous receipts $20 billion $24 billion

Total $2.627 trillion $2.469 trillion
http://en.wikipedia.org/wiki/Income_tax_in_the_United_Stateshttp://en.wikipedia.org/wiki/Corporate_tax_in_the_United_Stateshttp://en.wikipedia.org/wiki/Social_Security_(United_States)http://en.wikipedia.org/wiki/Social_Security_(United_States)http://en.wikipedia.org/wiki/Payroll_taxhttp://en.wikipedia.org/wiki/Excise_tax_in_the_United_Stateshttp://en.wikipedia.org/wiki/Customshttp://en.wikipedia.org/wiki/Duty_(economics)http://en.wikipedia.org/wiki/Inheritance_taxhttp://en.wikipedia.org/wiki/Gift_taxhttp://en.wikipedia.org/wiki/Gift_taxhttp://en.wikipedia.org/w/index.php?title=Deposits_of_earnings&action=edit&redlink=1http://en.wikipedia.org/wiki/Federal_Reserve_Systemhttp://en.wikipedia.org/wiki/Income_tax_in_the_United_Stateshttp://en.wikipedia.org/wiki/Corporate_tax_in_the_United_Stateshttp://en.wikipedia.org/wiki/Social_Security_(United_States)http://en.wikipedia.org/wiki/Payroll_taxhttp://en.wikipedia.org/wiki/Excise_tax_in_the_United_Stateshttp://en.wikipedia.org/wiki/Customshttp://en.wikipedia.org/wiki/Duty_(economics)http://en.wikipedia.org/wiki/Inheritance_taxhttp://en.wikipedia.org/wiki/Gift_taxhttp://en.wikipedia.org/w/index.php?title=Deposits_of_earnings&action=edit&redlink=1http://en.wikipedia.org/wiki/Federal_Reserve_System


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Total outlays by agency:-

The Department of Defense budget is divided into two parts: the base budget, and

Overseas Contingency Operations which includes the Iraq Warand the War in

Afghanistan.

Item

Discretionary Mandatory

Requeste

d

Enacte

d

Requeste

d

Enacte

d

Department of

DefenseincludingOverseas

Contingency Operations

$701.6

billion

$683.0

billion$5.8 billion $5.3 billion

Department of Health and Human

Services including Medicareand Medi

caid

$88.6 billion$84.2

billion

$804.2

billion

$787.8

billion

Department of Education $78.9 billion$79.1

billion$8.0 billion

$19.4

billion

Department of Veterans Affairs $58.8 billion$58.8

billion$65.6 billion

$70.4

billion

Department of Housing and Urban

Development$49.8 billion

$47.9


Department of State and Other

International Programs$62.7 billion

$53.4

billion

$0.05

billion$2.6 billion

Department of Homeland Security $46.3 billion $58.8 $0.6 billion $1.6 billion
http://en.wikipedia.org/wiki/United_States_Department_of_Defensehttp://en.wikipedia.org/wiki/Iraq_Warhttp://en.wikipedia.org/wiki/War_in_Afghanistan_(2001-present)http://en.wikipedia.org/wiki/War_in_Afghanistan_(2001-present)http://en.wikipedia.org/wiki/United_States_Department_of_Defensehttp://en.wikipedia.org/wiki/United_States_Department_of_Defensehttp://en.wikipedia.org/wiki/United_States_Department_of_Defensehttp://en.wikipedia.org/wiki/War_on_Terrorismhttp://en.wikipedia.org/wiki/War_on_Terrorismhttp://en.wikipedia.org/wiki/War_on_Terrorismhttp://en.wikipedia.org/wiki/United_States_Department_of_Health_and_Human_Serviceshttp://en.wikipedia.org/wiki/United_States_Department_of_Health_and_Human_Serviceshttp://en.wikipedia.org/wiki/Medicare_(United_States)http://en.wikipedia.org/wiki/Medicare_(United_States)http://en.wikipedia.org/wiki/Medicaidhttp://en.wikipedia.org/wiki/Medicaidhttp://en.wikipedia.org/wiki/United_States_Department_of_Educationhttp://en.wikipedia.org/wiki/United_States_Department_of_Veterans_Affairshttp://en.wikipedia.org/wiki/United_States_Department_of_Housing_and_Urban_Developmenthttp://en.wikipedia.org/wiki/United_States_Department_of_Housing_and_Urban_Developmenthttp://en.wikipedia.org/wiki/United_States_Department_of_Statehttp://en.wikipedia.org/wiki/United_States_Department_of_Homeland_Securityhttp://en.wikipedia.org/wiki/United_States_Department_of_Defensehttp://en.wikipedia.org/wiki/Iraq_Warhttp://en.wikipedia.org/wiki/War_in_Afghanistan_(2001-present)http://en.wikipedia.org/wiki/War_in_Afghanistan_(2001-present)http://en.wikipedia.org/wiki/United_States_Department_of_Defensehttp://en.wikipedia.org/wiki/United_States_Department_of_Defensehttp://en.wikipedia.org/wiki/War_on_Terrorismhttp://en.wikipedia.org/wiki/War_on_Terrorismhttp://en.wikipedia.org/wiki/United_States_Department_of_Health_and_Human_Serviceshttp://en.wikipedia.org/wiki/United_States_Department_of_Health_and_Human_Serviceshttp://en.wikipedia.org/wiki/Medicare_(United_States)http://en.wikipedia.org/wiki/Medicaidhttp://en.wikipedia.org/wiki/Medicaidhttp://en.wikipedia.org/wiki/United_States_Department_of_Educationhttp://en.wikipedia.org/wiki/United_States_Department_of_Veterans_Affairshttp://en.wikipedia.org/wiki/United_States_Department_of_Housing_and_Urban_Developmenthttp://en.wikipedia.org/wiki/United_States_Department_of_Housing_and_Urban_Developmenthttp://en.wikipedia.org/wiki/United_States_Department_of_Statehttp://en.wikipedia.org/wiki/United_States_Department_of_Homeland_Security


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Item


Requeste

d

Enacte

d

Requeste

d

Enacte

d

billion

Department of Energy $42.5 billion$42.3

billion$0.6 billion

$1.7

billion

Department of Justice $24.1 billion$28.8

billion $9.1 billion $5.8 billion

Department of Agriculture $27.6 billion$28.8

billion

$116.4

billion

$121.9

billion

National Aeronautics and Space

Administration$18.2 billion

$17.7

billion

$0.01

billion

$0.02

billion

Department of Transportation $27.0 billion$25.6


$58.6

billion

Department of the Treasury $14.6 billion$13.5

billion

$114.5

billion

$148.7

billion

Department of the Interior $13.1 billion$12.4

billion$0.8 billion

$1.1

billion

Department of Labor $13.7 billion$14.0


$113.1

billion

Social Security Administration $12.5 billion $11.7 $804.6 $817.5
http://en.wikipedia.org/wiki/United_States_Department_of_Energyhttp://en.wikipedia.org/wiki/United_States_Department_of_Justicehttp://en.wikipedia.org/wiki/United_States_Department_of_Agriculturehttp://en.wikipedia.org/wiki/National_Aeronautics_and_Space_Administrationhttp://en.wikipedia.org/wiki/National_Aeronautics_and_Space_Administrationhttp://en.wikipedia.org/wiki/United_States_Department_of_Transportationhttp://en.wikipedia.org/wiki/United_States_Department_of_the_Treasuryhttp://en.wikipedia.org/wiki/United_States_Department_of_the_Interiorhttp://en.wikipedia.org/wiki/United_States_Department_of_Laborhttp://en.wikipedia.org/wiki/Social_Security_Administrationhttp://en.wikipedia.org/wiki/United_States_Department_of_Energyhttp://en.wikipedia.org/wiki/United_States_Department_of_Justicehttp://en.wikipedia.org/wiki/United_States_Department_of_Agriculturehttp://en.wikipedia.org/wiki/National_Aeronautics_and_Space_Administrationhttp://en.wikipedia.org/wiki/National_Aeronautics_and_Space_Administrationhttp://en.wikipedia.org/wiki/United_States_Department_of_Transportationhttp://en.wikipedia.org/wiki/United_States_Department_of_the_Treasuryhttp://en.wikipedia.org/wiki/United_States_Department_of_the_Interiorhttp://en.wikipedia.org/wiki/United_States_Department_of_Laborhttp://en.wikipedia.org/wiki/Social_Security_Administration


11/17

Item


Requeste

d

Enacte

d

Requeste

d

Enacte

d

billion billion billion

Department of Commerce $11.3 billion$10.9


Army Corps of Engineers Civil Works $7.9 billion $9.3 billion $0.1 billion$0.06

billion

Environmental Protection Agency $10.2 billion $9.5 billion $0.2 billion$0.1

billion

National Science Foundation $7.6 billion $8.0 billion $0.3 billion $0.2 billion

Small Business Administration $1.2 billion $1.4 billion$0.007billion

$1.8 billion

Corporation for National and

Community Service$1.1 billion $0.8 billion $0.03 billion

$0.007

billion

Net interest N/A N/A $0.2 billion $0.2 billion

Disaster costs$0.006billion

$


12/17

Item


Requeste

d

Enacte

d

Requeste

d

Enacte

d

Total$1.361

trillion

$1.338

trillion

$2.140

trillion

$2.252

trillion

Total outlays by budget function:-

Function Title

RequestedRepublican

proposalEnacted

050National

Defense

$737.537

billion

$712

billion

$716.300

billion

150International

Affairs

$63.001

billion

$36 billion$56.252

billion

250

General Science,

Space and

Technology

$32.284

billion$30 billion

$30.991

billion

270 Energy$23.411

billion$16 billion

$23.270

billion

300

Natural

Resources and

Environment

$42.703

billion$37 billion

$42.829

billion

350 Agriculture $18.929 $20 billion $19.173


13/17

Function Title

RequestedRepublican

proposalEnacted

billion billion

370Commerce and

Housing Credit

$23.620

billion$17 billion

$79.624

billion

400 Transportation$104.854

billion$80 billion

$102.552

billion

450

Community and

Regional

Development

$25.701

billion$24 billion

$31.685

billion

500

Education,

Training,

Employment and

Social Services

$106.172

billion$100 billion

$139.212

billion

550 Health$373.774

billion$347 billion

$361.625

billion

570 Medicare$492.316

billion$482 billion

$484.486

billion

600 Income Security$554.332

billion$501 billion

$579.578

billion

650 Social Security$767.019

billion$766 billion

$778.574

billion

700 Veterans Benefits $124.659 $127 billion $129.605


14/17

Function Title

RequestedRepublican

proposalEnacted

and Services billion billion

750Administration of

Justice

$58.696

billion$ 54 billion

$62.016

billion

800General

Government

$31.149

billion$27 billion

$31.763

billion

900 Net Interest$241.598

billion$256 billion

$224.784

billion

920 Allowances $6.566 billion $-3 billion$0.125

billion

950

Undistributed

Offsetting

Receipts

$-99.635

billion$-100 billion

$-98.897

billion

The Union Budget of India, 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 theFinance Minister of

India in Parliament. The budget has to be passed by the House before it can come into

effect on April 1, the start ofIndia'sfinancial year. Former Finance MinisterMorarji

Desai presented the budget ten times, the most by any.

The Union Budget of India for 2012 - 2013 was presented by Pranab Mukherjee,

theFinance Minister of India on 16th March 2012 ,this was the 7th budget of his career .

These budgetary proposals would be applicable from 1 April 2012 to 31 March 2013.
http://en.wikipedia.org/wiki/Constitution_of_Indiahttp://en.wikipedia.org/wiki/Republic_of_Indiahttp://en.wikipedia.org/wiki/Finance_Minister_of_Indiahttp://en.wikipedia.org/wiki/Finance_Minister_of_Indiahttp://en.wikipedia.org/wiki/Finance_Minister_of_Indiahttp://en.wikipedia.org/wiki/Parliament_of_Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Financial_yearhttp://en.wikipedia.org/wiki/Morarji_Desaihttp://en.wikipedia.org/wiki/Morarji_Desaihttp://en.wikipedia.org/wiki/Pranab_Mukherjeehttp://en.wikipedia.org/wiki/Finance_Minister_of_Indiahttp://en.wikipedia.org/wiki/Finance_Minister_of_Indiahttp://en.wikipedia.org/wiki/Constitution_of_Indiahttp://en.wikipedia.org/wiki/Republic_of_Indiahttp://en.wikipedia.org/wiki/Finance_Minister_of_Indiahttp://en.wikipedia.org/wiki/Finance_Minister_of_Indiahttp://en.wikipedia.org/wiki/Parliament_of_Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Financial_yearhttp://en.wikipedia.org/wiki/Morarji_Desaihttp://en.wikipedia.org/wiki/Morarji_Desaihttp://en.wikipedia.org/wiki/Pranab_Mukherjeehttp://en.wikipedia.org/wiki/Finance_Minister_of_India


15/17

Chronology

Pre-liberalisation:-

The first Union budget of independent India was presented by R. K. Shanmukham

Chetty on November 26, 1947.

The Union budgets for the fiscal years 1959-60 to 1963-64, inclusive of the interim

budget for 1962-63, were presented byMorarji 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, 198384 and 1984-85.

Rajiv Gandhi presented the budget for 1987-89 afterV 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

theIndian National Congress returned to political power and Manmohan Singh, the

Finance Minister, presented the budget for 1991-92.

Post-liberalisation:-
http://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/R._K._Shanmukham_Chettyhttp://en.wikipedia.org/wiki/R._K._Shanmukham_Chettyhttp://en.wikipedia.org/wiki/Fiscal_yearhttp://en.wikipedia.org/wiki/Morarji_Desaihttp://en.wikipedia.org/wiki/Morarji_Desaihttp://en.wikipedia.org/wiki/Morarji_Desaihttp://en.wikipedia.org/wiki/Deputy_Prime_Minister_of_Indiahttp://en.wikipedia.org/wiki/Indira_Gandhihttp://en.wikipedia.org/wiki/Indira_Gandhihttp://en.wikipedia.org/wiki/Prime_Minister_of_Indiahttp://en.wikipedia.org/wiki/Pranab_Mukherjeehttp://en.wikipedia.org/wiki/Rajya_Sabhahttp://en.wikipedia.org/wiki/Rajiv_Gandhihttp://en.wikipedia.org/wiki/V_P_Singhhttp://en.wikipedia.org/wiki/V_P_Singhhttp://en.wikipedia.org/wiki/Dr._Manmohan_Singhhttp://en.wikipedia.org/wiki/Indian_National_Congresshttp://en.wikipedia.org/wiki/Indian_National_Congresshttp://en.wikipedia.org/wiki/Manmohan_Singhhttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/R._K._Shanmukham_Chettyhttp://en.wikipedia.org/wiki/R._K._Shanmukham_Chettyhttp://en.wikipedia.org/wiki/Fiscal_yearhttp://en.wikipedia.org/wiki/Morarji_Desaihttp://en.wikipedia.org/wiki/Deputy_Prime_Minister_of_Indiahttp://en.wikipedia.org/wiki/Indira_Gandhihttp://en.wikipedia.org/wiki/Prime_Minister_of_Indiahttp://en.wikipedia.org/wiki/Pranab_Mukherjeehttp://en.wikipedia.org/wiki/Rajya_Sabhahttp://en.wikipedia.org/wiki/Rajiv_Gandhihttp://en.wikipedia.org/wiki/V_P_Singhhttp://en.wikipedia.org/wiki/Dr._Manmohan_Singhhttp://en.wikipedia.org/wiki/Indian_National_Congresshttp://en.wikipedia.org/wiki/Manmohan_Singh


16/17

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 budgetfor 1996-97 was presented by P. Chidambaram, who then belonged toTamil 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.

Time of Budget Announcement

Until the year 2000, the Union Budget was announced at 5 pm on the last working day

of the month of February. This practice was inherited from the Colonial Era, when the

British Parliament would pass the budget in the noon followed by India in the evening of

the day.

It was Mr.Yashwant Sinha, the then Finance Minister of India in the NDA government

(led by BJP) ofAtal Bihari Vajpayee, who changed the ritual by announcing the 2001

Union Budget at 11 am.

Stages in Budget Enactment
http://en.wikipedia.org/wiki/P._Chidambaramhttp://en.wikipedia.org/wiki/Tamil_Maanila_Congresshttp://en.wikipedia.org/wiki/Tamil_Maanila_Congresshttp://en.wikipedia.org/wiki/Tamil_Maanila_Congresshttp://en.wikipedia.org/wiki/Constitutional_crisishttp://en.wikipedia.org/wiki/I._K._Gujralhttp://en.wikipedia.org/wiki/Bharatiya_Janata_Partyhttp://en.wikipedia.org/wiki/Yashwant_Sinhahttp://en.wikipedia.org/wiki/Yashwant_Sinhahttp://en.wikipedia.org/wiki/Jaswant_Singhhttp://en.wikipedia.org/wiki/Yashwant_Sinhahttp://en.wikipedia.org/wiki/Atal_Bihari_Vajpayeehttp://en.wikipedia.org/wiki/Atal_Bihari_Vajpayeehttp://en.wikipedia.org/wiki/P._Chidambaramhttp://en.wikipedia.org/wiki/Tamil_Maanila_Congresshttp://en.wikipedia.org/wiki/Tamil_Maanila_Congresshttp://en.wikipedia.org/wiki/Constitutional_crisishttp://en.wikipedia.org/wiki/I._K._Gujralhttp://en.wikipedia.org/wiki/Bharatiya_Janata_Partyhttp://en.wikipedia.org/wiki/Yashwant_Sinhahttp://en.wikipedia.org/wiki/Jaswant_Singhhttp://en.wikipedia.org/wiki/Yashwant_Sinhahttp://en.wikipedia.org/wiki/Atal_Bihari_Vajpayee


17/17

The budget goes through the following six stages in the parliament.

*Presentation of the budget on the floor of the House before the LS.

*General discussion on the budget

*Vote on account

*Scrutiny by departmentally related standing committees

*Voting on demands for grants.

*Passing of appropriation bill (art. 114 of the Constitution of India)

*Passing of finance bill( under rule 219 of the lok sabha).

national budgeting in india

Documents