Yearly Budget

The Article 112 states it to be the annual budget of India. The budget is produced by a particular section of the finance ministry known as the budget division of the department of economic affairs. Before the finance bill has to be produced in the Lok Sabha and then it needs to be passed there. However it comes into actual effect by 1 April which is known as the new financial year.

Budget pre-liberalisation

The first yearly budget of India as an independent country was presented by Shanmukham Chetty. It showed total revenue of Rs.171.15 crore and a fiscal deficit of Rs.24.59 crore. On the other hand the expected expenditure for the country was Rs.197.29 crore. This included the defence expenditure which was Rs.92.74 crore. Many other people like Morarji Desai ,Indira Gandhi , Hirubhai M Patel, Pranab Mujherjee, Rajiv Gandhi, VP Singh , ND Tiwari , S.B Chavan , Madhu Dandwate and Dr. Manmohan Singh presented budget in the period of 1947 to 1992 . This period was before the surge of liberalisation in India. 

Post liberalisation

Beginning with the 1992-93 plan was done by Dr. Manmohan Singh. Later people like P. Chidambaram , I. K Gujral , Yashwant Sinha, Jaswant Singh, Pranab Mukherjee again in 2012-13 , P. Chidambaram, Arun Jailtley, Piyush Goyal and Nirmala Sitaraman in 2019-21 presented the yearly budget in the period known as the post liberalisation period. 

Education budget of India for the last 10 years. 

The latest 2020-21 budget had 993 billion INR as the education budget set by the ministry of finance , the one previous to that in the 2019-20 budget had  948 billion INR investment in the education sector in India . The  2018-19 budget brought a 850.1 billion INR investment as the education budget of India , 2017-18 saw the ministry of finance to have 818.68 billion INR , 2016-17 the ministry of education had its hands on a 723.94 billion INR budget for the execution of educational activities throughout the country. The 2015-16 had a 422.19 billion INR budget for the development of the education sector of India Whereas the 2014-15 financial year had 276.56 billion INR as the education budget. 

Apart from these years the 2013-14 financial year recorded that 14.5% of the country’s GDP was used as the expenditure on education in India. 2012-13 year saw 13.99% of the GDP being used as the budget for educational purposes. The year of 2011-2012 had 13.56% of GDP being used as the educational budget. They say a growth of 0.06% , 0.43%, 1.73% were achieved respectively here. These were the Education budget for India in the last 10 years. 

Budget and five year plan. 

The yearly budget is the calculation and the prediction on a yearly basis based on the per capita income and revenue of a country. It is then involved with allocating funds to different  government sectors for development in order to achieve some goals which later culminate into the completion of the 5 year plans by the allotting of budget . This was the relationship between the Budget and five year plan. 

Railways budget 

The railway budget was separated from the general budget in the year 1924,before India got its independence. From 1926 , the railway budget was separately announced every year till 2016. It was the idea of English economist William Acworth. The first railway budget of independent India was presented by John Matthal. 

Conclusion

The yearly budget allotment is the initial stage of providing the organisation with the funds required for the proper working of those organisations to fulfil the goals set by them. The yearly budget system in India has faced many changes but still aims to fulfil  the 5 year plans with yearly involvement of government organizational activities.