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Union Budget Of India
The Union Budget of India, also referred to as the ''Annual Financial Statement'' in Article 112 of the Constitution of India, is the annual budget of the Republic of India. The Government presents it on the first day of February so that it could be materialised before the beginning of new financial year in April. Until 2016 it was presented on the last working day of February by the Finance Minister in Parliament. The budget division of the department of economic affairs (DEA) in the finance ministry is the nodal body responsible for producing the budget. It is presented by means of the Finance bill and the Appropriation bill has to be passed by Lok Sabha before it can come into effect on 1 April, the start of India's financial year. An interim budget is not the same as a 'Vote on Account'. While a 'Vote on Account' deals only with the expenditure side of the government's budget. An interim budget is a complete set of accounts, including both expenditure and receipts. An interim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Constitution Of India
The Constitution of India ( IAST: ) is the supreme law of India. The document lays down the framework that demarcates fundamental political code, structure, procedures, powers, and duties of government institutions and sets out fundamental rights, directive principles, and the duties of citizens. It is the longest written national constitution in the world. It imparts constitutional supremacy (not parliamentary supremacy, since it was created by a constituent assembly rather than Parliament) and was adopted by its people with a declaration in its preamble. Parliament cannot override the constitution. It was adopted by the Constituent Assembly of India on 26 November 1949 and became effective on 26 January 1950. The constitution replaced the Government of India Act 1935 as the country's fundamental governing document, and the Dominion of India became the Republic of India. To ensure constitutional autochthony, its framers repealed prior acts of the British parliam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rajya Sabha
The Rajya Sabha, constitutionally the Council of States, is the upper house of the bicameral Parliament of India. , it has a maximum membership of 245, of which 233 are elected by the legislatures of the states and union territories using single transferable votes through open ballots, while the president can appoint 12 members for their contributions to art, literature, science, and social services. The potential seating capacity of the Rajya Sabha is 245 (233 elected, 12 appointed), according to article 80 of the Indian Constitution. Members sit for staggered terms lasting six years, with about a third of the 238 designates up for election every two years, in even-numbered years. The Rajya Sabha meets in continuous sessions, and unlike the Lok Sabha, being the lower house of the Parliament, the Rajya Sabha is not subjected to dissolution. However, the Rajya Sabha, like the Lok Sabha, can be prorogued by the president. The Rajya Sabha has equal footing in legislation with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prime Minister Of India
The prime minister of India (IAST: ) is the head of government of the Republic of India. Executive authority is vested in the prime minister and their chosen Council of Ministers, despite the president of India being the nominal head of the executive. The prime minister is often the leader of the party or the coalition with a majority in the lower house of the Parliament of India, the Lok Sabha, which is the main legislative body in the Republic of India. The prime minister and their cabinet are at all times responsible to the Lok Sabha. The prime minister is appointed by the president of India; however the prime minister has to enjoy the confidence of the majority of Lok Sabha members, who are directly elected every five years, lest the prime minister shall resign. The prime minister can be a member of the Lok Sabha or of the Rajya Sabha, the upper house of the parliament. The prime minister controls the selection and dismissal of members of the Union Council of Ministe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deputy Prime Minister Of India
The deputy prime minister of India (IAST: ''Bhārat Ke Upapradhānamantri'') is the second highest ranking minister of the Union in the executive branch of the Government of India and is a senior member of the Union Council of Ministers. The office holder also deputises for the prime minister in their absence. The office has since been only intermittently occupied, having been occupied for a little more than 10 years out of the 75 years since its inception. Since 1947 India has had 7 deputy prime ministers, of which none having at least one full term. The first was Vallabhbhai Patel of the Indian National Congress party, who was sworn in on 15 August 1947, when India gained independence from the British Raj. Serving until his death in December 1950, Patel remains India's longest-serving deputy prime minister. The post was vacant until Morarji Desai became the second deputy prime minister in 1967 and has the second-longest tenure. Morarji Desai and Charan Singh were the deputy p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Year
A fiscal year (or financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis but generally not the reporting period to align with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxes, such as income tax. Many annual government fees—such as council tax and license fees, are also levied on a fiscal year basis, but others are charged on an anniversary basis. Some companies, such as Cisco Systems, end their fiscal year on the same day of the week each year: the day ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crore
A crore (; abbreviated cr) denotes ten million (10,000,000 or 107 in scientific notation) and is equal to 100 lakh in the Indian numbering system. It is written as 1,00,00,000 with the local 2,2,3 style of digit group separators (one lakh is equal to one hundred thousand, and is written as 1,00,000). It is widely used both in official and other contexts in Afghanistan, Bangladesh, Bhutan, India, Myanmar, Nepal, Pakistan, and Sri Lanka. It is often used in Bangladeshi, Indian, Pakistani, and Sri Lankan English. Money Large amounts of money in Bangladesh, India, Nepal, and Pakistan are often written in terms of ''Koti'' or ''crore''. For example (one hundred and fifty million) is written as "fifteen ''crore'' rupees", "15 crore" or "". In the abbreviated form, usage such as "15 cr" (for "15 ''crore'' rupees") is common. Trillions (in the short scale) of money are often written or spoken of in terms of ''lakh crore''. For example, ''one trillion rupees'' is equivalent to: * '' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the south, the Arabian Sea on the southwest, and the Bay of Bengal on the southeast, it shares land borders with Pakistan to the west; China, Nepal, and Bhutan to the north; and Bangladesh and Myanmar to the east. In the Indian Ocean, India is in the vicinity of Sri Lanka and the Maldives; its Andaman and Nicobar Islands share a maritime border with Thailand, Myanmar, and Indonesia. Modern humans arrived on the Indian subcontinent from Africa no later than 55,000 years ago., "Y-Chromosome and Mt-DNA data support the colonization of South Asia by modern humans originating in Africa. ... Coalescence dates for most non-European populations average to between 73–55 ka.", "Modern human beings—''Homo sapiens''—originated in Africa. Then, interm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nirmala Sitharaman
Nirmala Sitharaman (born 18 August 1959) is an Indian economist and politician serving as the Minister of Finance and Corporate Affairs of India since 2019. She is a member of the Rajya Sabha, upper house of the Indian Parliament, since 2014. Sitharaman previously served as the Defence Minister of India, thereby becoming India's second female defence minister and the second female finance minister after Indira Gandhi, and the first full-time female minister to hold each of those portfolios. She has served as the Minister of State for Finance and Corporate Affairs under the Ministry of Finance and the Minister for Commerce and Industry with independent charge. Prior to that, she served as a national spokesperson for the Bharatiya Janata Party. Sitharaman featured in the Forbes 2022 list of World's 100 most powerful women and was ranked 36. Fortune ranked Nirmala Sitharaman as the most powerful woman in India. Early life Nirmala Sitharaman was born in a Tamil Iyengar family ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arun Jaitley
Arun Jaitley (28 December 1952 – 24 August 2019) was an Indian politician and attorney. A member of the Bharatiya Janata Party, Jaitley served as the Minister of Finance and Corporate Affairs of the Government of India from 2014 to 2019. Jaitley previously held the cabinet portfolios of Finance, Defence, Corporate Affairs, Commerce and Industry, and Law and Justice in the Vajpayee government and Narendra Modi government. From 2009 to 2014, he served as the Leader of the Opposition in the Rajya Sabha. He was a Senior Advocate of the Supreme Court of India. He oversaw the introduction of the Goods and Services Tax which brought the country under one GST regime, demonetisation, merger of Railway budget with general budget and introduction of Insolvency and Bankruptcy Code. Jaitley decided not to join the second Modi Cabinet in 2019, due to health issues. He was awarded the Padma Vibhushan, India's second highest civilian award, posthumously in 2020 in the field of Pub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jaswant Singh
Major Jaswant Singh (; 3 January 193827 September 2020) was an officer of the Indian Army and an Indian Cabinet Minister. He was one of the founding members of the Bharatiya Janata Party (BJP), and was one of India's longest serving parliamentarians, having been a member of the Lok Sabha or the Rajya Sabha almost continuously between 1980 and 2014. He was NDA's Vice-presidential candidate in the 2012 Indian vice presidential election. Singh was the only leader from Rajasthan who had the distinction of becoming the Minister Of External Affairs, Finance and Defense. He was elected on a BJP ticket to the Rajya Sabha five times (1980, 1986, 1998, 1999, 2004) and to the Lok Sabha four times (1990, 1991, 1996, 2009). During the Vajpayee administration between 1998 and 2004, he held multiple cabinet portfolios including Finance, External Affairs and Defence. He also served as the Deputy Chairman of the Planning Commission between 1998 and 1999. In the aftermath of India's nucle ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Madhu Dandavate
Madhu Dandavate (21 January 1924 – 12 November 2005) was an Indian physicist and socialist politician, who served as Minister of Railways in the Morarji Desai ministry, and as Minister of Finance in the V P Singh ministry. Born in Ahmednagar, Bombay Presidency, Dandavate studied and was employed as a physicist in Bombay, before participating in the Quit India Movement in 1942. After independence, he served as a Member of Parliament from Rajapur in Maharashtra from 1971 to 1991. As an opposition politician, Dandavate was jailed during the Emergency. Serving as Railway Minister from 1977 to 1979, he initiated a number of improvements, most notably providing more comfortable cushioned seats to second-class passengers, a measure that "helped hundreds of millions of people". Later in the late 1980s, he served as Finance Minister. A prominent socialist politician and opposition leader, Dandavate was respected for his integrity, knowledge, simplicity and pragmatism, with historian ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
