 |
| Changes in Budget 2017-18
Union Budget/Annual Financial Statement according to Art.112 of the constitution is annual budget of the country generally presented by Finance Minister every year.There has been some significant changes this session.
1. Merging of Railway Budget:
Ending tradition of about 92 years, Centre has taken decision to merge Railway budget considering following advantages:
a) Railways wouldn't need to pay a dividend of 10,000 crore annually.
b) It would enjoy financial autonomy and delegation powers and continue to exist as distinct entity.
c) The merging would give a complete view of the government's financial position and will for people.
d) It reduces procedural requirements and can focus on delivery of goods and people can experience much good governance.
2.Advancement of Budget Session:
Advancement of Budget Session which used to held before the end of financial year would pave way for completing the budget cycle and ensure that all the ministries and departments would work effectively from the very beginning of financial year. It would also give way for schemes to be implemented in the first quarter of the year.
3. Merger of Plan and Non Plan Classification:
The bias for plan expenditure by state and center was making them neglect essential expenditure necessary for asset maintenance and for social services. It would also reduce the difficulty of resource allocation to various schemes and asscertain costs for service delivery. Appropriate Budget and framework can focus on revenue and capital expenditure.
Changes if implemented effectively would boost the implementation of schemes and allocation proper framework to the expenditure would pave way for good governance.
|
Disqus Comments