Page 31 - NIS - English,16-30 September,2022

Sankalp Yatra of New India Cover Story
19
BUDGET REFORMS
BUDGET REFORMS

CHANGED THE
CHANGED THE

COUNTRY'S
COUNTRY'S

PROGRESSION
PROGRESSION

Breaking the old tradition the
n
date for presenting the budget
was changed from February 28
to February 1 in the financial year
2017-18.

On September 21, 2016, the cabinet
n
approved this reform, and the
railway budget was merged with
the general budget.
n Earlier, it used to be that the budget
was presented in Parliament on the
last working day of February and
the legislative process continued till
the first-second week of May till the
budget was passed, due to which a
BUDGET WEBINAR large amount of the budget could
not be spent.
Following the general budget in the COVID period,
n n Not only this, for the expenditure
the Prime Minister established a new tradition of the first two months of the
of dialogue with all stakeholders—private, public, financial year, the government had
and state-central government—along with various to get the vote on account passed
government departments so that the budget could by Parliament. The benefit of this
be easily landed on the ground as soon as possible improvement was that in the first
and achieve maximum results. With these reforms, quarter itself, the total expenditure
the historic budget is emerging as a vision document started showing an increase.
for strengthening the foundation of "New India" and n This measure of budgetary
emerging as an economic superpower. reform also helps ministries and

We completed the budget a month early. departments to provide a full
To do so one month in advance means I budget from the beginning of the
have to run the country's economic system financial year, thereby speeding up
one month in advance. the implementation of schemes
-Narendra Modi, Prime Minister throughout the year.

New India Samachar September 16-30, 2022 29