ASSIGNMENT
 Course Code   BAC105A

Course Name          Macroeconomics

Programme                      B.B.A

Department           MANAGEMENT STUDIES

Faculty                      FACULTY OF MANAGEMENT AND COMMERCE

Name of the Student  piyush kumar roy

Semester/Year              2 /1
ST ST

Course Leader/s             Sunita Chakraborty

 Declaration Sheet

Student Name Piyush kumar roy

Reg. No   22MCMS017046

Programme   BBA Semester/Year   1 /1

ST ST

Course Code   18BMC101A

Course Title   Macroeconomics

Course Date to

Course Leader    Sunita Chakraborty

Declaration

The assignment submitted herewith is a result of my own investigations and that I have conformed to the
guidelines against plagiarism as laid out in the Student Handbook.  All sections of the text and results,
which have been obtained from other sources, are fully referenced.  I understand that cheating and
plagiarism constitute a breach of University regulations and will be dealt with accordingly.

Signature of the Piyush roy Date   15-02-2023

Student

Submission date stamp(By 

Examination &
Assessment Section)

Signature of the Course Leader and date Signature of the Reviewer and date

INTRODUCTION
  Meaning of Budget
A budget is a financial plan that outlines the expected income and expenditures of an individual,
business, or government over a specified period of time, usually one year. It is a tool used to
allocate resources and prioritize expenses to achieve financial goals. The budget process
typically involves forecasting future income and expenses, determining how much money will be
saved or invested, and making decisions about how to allocate funds to different expenses. The
purpose of a budget is to help ensure that resources are being used efficiently and effectively and
to help control spending and manage debt. In government, the budget is a document that outlines
the government’s revenue and spending plans and serves as a key tool for managing the
economy and allocating public resources.

Constitution Provisions Regarding Budget

The provisions regarding the budget in the Indian Constitution are laid down in Articles 112 to
117 of the Constitution.

Article 112 requires the President of India to cause to be laid before both houses of Parliament
an annual financial statement, known as the Union Budget, which shows the estimated receipts
and expenditures of the government for the next financial year.

Article 114 empowers the Parliament to make laws with respect to the imposition, abolition,
remission, alteration, and regulation of taxes and duties on income, profits, and capital value.

Article 115 requires the government to place the annual financial statement, or the Union
Budget, before both houses of Parliament for their consideration and approval. The Parliament
may discuss and make recommendations on the budget, but it cannot vote on the demands for
grants (allocations of funds for specific purposes) in the budget. The Parliament can only vote on
the appropriation bill, which gives legislative sanction to the spending proposed in the budget.

Article 116 provides for the allocation of funds for the administration of the states and for
making grants-in-aid to states in accordance with the recommendations of the Finance
Commission.

 Highlight or the Budget’s Vision for Amrit Kaal

The Vision for ‘Amrit Kaal’ articulated in the Union Budget for FY 2023-24 is centered around:

Opportunities for Citizens with focus on youth

Growth & Job creation

Strong & Stable Macro-Economic Environment

The seven priorities, termed Saptarishi, adopted in the Union Budget for FY 2023-24 to guide
the country towards ‘Amrit Kaal’, thus providing a blueprint for an empowered and inclusive
economy.
  Comprehensive view Public Revenue Receipts and
Revenue Expenditure and Capital Receipts and Capital
Expenditure
In comprehensive view public revenue receipts and capital receipts are the sources of financing
for the government’s revenue expenditure and capital expenditure respectively. Revenue
expenditure is the day-to-day spending of the government, while capital expenditure is incurred
to increase the productive capacity of the economy and create new assets.

 Saptarishi’s priorities
Inclusive Development

Reaching the last mile

Infrastructure & Investment

Unleashing the potential

Green Growth

Youth Power

Financial Sector

The Union Budget for FY 2023-24 this year aims to further strengthen India’s economic status.
In the 75th Year of India’s Independence, the World has recognized the Indian Economy as a
‘bright star’ with its Economic Growth estimated at 7 per cent, which is the highest among all
major economies

 Tax proporsal
The new tax regime will be the default regime and the taxpayer will be required to expressly opt
for the old tax regime for claiming deductions.

The Income limit for availing rebate (i.e., benefit of no-tax) has been increased from INR
500,000 to INR 7,00,000.

The peak rate of surcharge is proposed to be capped at 25% for taxpayers under the new tax
regime whose income exceeds INR 5,00,00,000. Currently the peak rate of surcharge is 37%.
Consequent to this proposal, the effective tax rate will reduce from 42.75% to 39%.

 Impact of the Budget on the sectors of the economy and its

progress
 One of the key highlights of the budget is the emphasis on boosting the agricultural sector. The
government has allocated Rs 1.41 lakh crore for the Pradhan Mantri Fasal Bima Yojana, aimed
at providing insurance coverage for farmers.

Another significant aspect of the budget is the focus on healthcare. The government has
announced the launch of a new National Health Stack, aimed at providing a comprehensive
health insurance scheme for all citizens. Additionally, Rs 35,000 crore has been allocated for the
development of new medical colleges and hospitals

The government has also announced several measures aimed at promoting the growth of the
manufacturing sector, including the launch of a new scheme to provide incentives for companies
to shift production to India.

To support the digital economy, the government has announced several measures aimed at
increasing the use of digital technology in various sectors. These include the launch of a new
scheme to provide incentives for companies to invest in research and development in the field of
digital technology, and the allocation of Rs 2,000 crore for the development of the National
Artificial Intelligence Portal.

 Conclusion
In conclusion, the Indian Union Budget for 2023 focuses on driving economic growth,
increasing investments, and creating job opportunities while maintaining fiscal discipline. The
budget provides a comprehensive approach to address various challenges faced by the economy
and aims to drive the growth of key sectors such as agriculture, healthcare, manufacturing, and
the digital economy. The government has allocated significant resources towards the
development of infrastructure and has introduced several measures aimed at promoting the
growth of various industries