Presentation of Union Budget in the last day of the February every year has been an event that the media and the general public would look for.
This has been so since independence and it has become more popular since early 1990s, because of the greater awareness of the public and its expectation from the government to address various economic issues of the day. The growth of internet and television media also contributed to this intellectual event. Surprises are built in the presentation of the budget by keeping the whole exercise secret.
We have moved slowly from discretionary to rule based fiscal policy with the passage of FRBM Act, 2003 that stipulates the level of fiscal deficit to be achieved and also self-imposed regulation of the government to move towards rationalizing tax system. Still surprises in terms of allocation of funds to various sectors signaled the changing priorities of the government.
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