Budget 2022: Finance Minister will present green budget this time too, know what is the planning of Finance Ministry

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Budget 2022: Finance Minister will present green budget this time too, know what is the planning of Finance Ministry

Highlights

  • Budget documents will be available mostly in digital form
  • Only a few copies will be available physically
  • Printing of several hundred copies of budget documents

New Delhi. The country’s budget will be green this year as well. Due to the Covid Pandemic, the presentation of tax proposals of Asia’s third largest economy and the printing of a large number of documents related to financial statements will also not happen this time. Officials said the budget documents would mostly be available in digital form. Only a few copies will be available physically. Several hundred copies of the budget document have been printed.

It was such an elaborate process numerically that even the printing workers had to be isolated for at least a few weeks inside the printing press in the ‘basement’ of North Block. The office of the Ministry of Finance is located in the North Block itself. The work of separating the employees from the household and printing of the budget document has been started with the traditional ‘Halwa Ceremony’. The program is attended by the Finance Minister, Minister of State for Finance and senior officials of the Ministry.

Since the Modi government came to power, the printing of budget copies decreased. Initially, the copies distributed to journalists and external analysts were reduced and then the copies given to Lok Sabha and Rajya Sabha MPs were reduced, citing the pandemic. This year, more restrictions have been imposed regarding Omicron, the new form of Covid-19. According to sources, the traditional pudding ceremony has also been abandoned due to the pandemic. However, digitizing the compilation of budget documents will require a small group of employees to remain isolated.

A budget document usually consists of the Finance Minister’s speech in Parliament, keynotes, annual financial statements, a finance bill containing tax proposals, a memorandum explaining the provisions in the financial bill, and a macroeconomic profile. These also include medium term fiscal policy cum fiscal policy strategy statement, outcome outline for plans, customs notification, implementation of previous budget announcements, receipt budget, expenditure budget and budget estimates. Finance Minister Nirmala Sitharaman will present her fourth budget on February 1, 2022.

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