Union Budget Today

By Vijay Kumar

MR SPEAKER, Sir, I have set forth a framework of policies with a view to encouraging higher savings, investment and production in the economy. Plan outlays are being stepped up substantially. Adequate provision has been made for national security. Despite these commitments, the budgetary deficit has been contained within reasonable limits. To achieve this, a measure of resource mobilisation was inescapable. I have, however, taken care to see that resources are raised without building new inflationary pressures. In particular, I have tried to avoid placing burdens on the low and middle-income groups. The Budget constitutes a challenge to all those who are associated with the implementation of our development plan. It is an invitation to farmers, industry and labour for higher productivity; to the trading community for ensuring healthy marketing and distribution; and, indeed, to all our people, soldiers and civilians, to march forward shoulder to shoulder in the twin tasks of national development and defence .

Does it sound familiar? It is not from today's Budget Speech, but from the speech of the then Finance Minister while presenting the 1982 Budget! And you know who was that Finance Minister? Our Own Pranab Da with his maiden Budget. Exactly thirty years later, he is back. Nothing has changed – including the FM!

And then he was collecting about Rs. 15,000 Crores as Tax Revenue! His Revenue has increased 60 times in these thirty years and the invitation remains.

In the next few days, we will bring to you all the facets of the Budget.