The Indian Finance Ministry has already started its preparations for the Union Budget of the year 2018-19. The ministry has released a Budget circular that consists of the plans for the fund requirements to the nodal Ministries. They have asked the ministries to concentrate on the medium of generation of revenue which is non-taxable like interest receipts and dividends.
This will play an important role in finalizing the Budget allocation, as per the business news India. The financial advisersare on their heels to prepare the trends of the Budget and Expenditure along with the Non-Tax Revenue for the year 2018-19. The same is expected to be submitted to the Finance Ministry along with the tentative Budget Estimates.
The Finance Ministry has also asked for the draft paragraphs soon so that they can include the same in Budget Speech. The pre-budget meetings will be held where the fund requirements for the current financial year and the upcoming year will be discussed. The Expenditure Secretary will lead the meeting.
The Finance ministry confirms that they will communicate the final revised Estimates and Budget by January 15th. Another benchmark while allocating resources will be NITI Aayog three-year action Plan. The Budget will be heard in Parliament by the Finance Minister Arun Jaitley on February 1, as per India business news.
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The choices will be difficult for the Finance minister ArunJaitley, Prime Minister Narendra Modi, etc. on how much to spend on infrastructure, hospitals, schemes to help the rural people, education, or cleaning etc. But budget planning can always be improved in every country. To do so, one needs to engage in cutting-edge economic analysis and the focus should be spending every rupee to get social benefit. A project India Consensus, which is a partnership between Tata Trusts and Copenhagen Consensus Center, will generate economic research that will help policy strategies and budget decisions.
India Consensus has already worked with many leaders in the streams of education, health, gender, and infrastructure. They always aim to introduce best new policies in all the states of the nation. The researchers took health as the major topic due to the rise in diseases like Tuberculosis and the related mortality. Skill development is also treated imperative for India. The researchersbelieve that spending on the development of the skill set will lead to the higher return on investment.
They do a cost benefit analysis of all the environmental, social and economic benefits of a policy, translating into monetary form. It can improve decision making, and lead to transparency. This kind of approach must be adopted by every state of the country. Now when the budget is due, this analysis can play a leading role in helping the country solve the various existing problems and national challenges. This approach can bring the well-being of all. This is the time to gear up and think on, what is the right way to fix India’s budget in 2018.