This article throws light on the expectation of Budget 2011-2012 in the country which has been already started on 28th February 2011 chaired by Finance Minister of the country.
Before getting into the highlights, one should know what is a budget.
A systematized planning of expenditure for a given time frame is called 'Budget' and Union Budget is a revelation of extensive government's finances.
Thus it the most important financial event which discusses about the revenue and expenditure of one fiscal year which runs from 1st April to last day of March.
After the budget report has been displayed, it is followed by Economic Survey.
The survey plans the budget allocation and economic accomplishment of the country and also contains the estimated budget of next fiscal year.
This time the Union Budget 2011-2012 is very important for the traders as the annual expenditure and costing of the business depends on the budget session.
Not only the traders but even the common people awaits the final announcement after which the impact on pricing of the commodities will change.
The most important challenge for the Budget 2011-2012 will be to harness parallel economic growth, improving GDP growth and working on the weaker section of various government strategies.
The other topics considered in the Union Budget session are - tax reforms, Import - export amendments, banking, financial development, fertilizer, oil and gas related announcements.
Now, what Budget 2011-2012 has in store for the common people and youth? In last few years the government has done well in extending the tax bracket however, again this time it is expected for higher tax exemption.
It will not only add extra tax revenue but will also minimize suppression of unaccounted money.
Another expected review from Union Budget 2011-2012 will be providing fuel at subsidized rate.