Budget advanced for speedier implementation of schemes: Modi

World Wednesday 26/October/2016 20:41 PM
By: Times News Service
Budget advanced for speedier implementation of schemes: Modi

New Delhi: Prime Minister Narendra Modi on Wednesday said the presentation of Union Budget was being advanced by about a month to ensure a speedier implementation of schemes and urged the states to align their plans with this move to take the maximum advantage.
He referred to the issue during his monthly meeting of PRAGATI (Pro-Active Governance and Timely Implementation), an ICT-based platform where he interacts directly with the top officials of the states to discuss implementation of programmes and schemes.
"The prime minister mentioned that the Union Budget presentation is being advanced by about a month to ensure speedier implementation of projects and schemes," a PMO statement said.
Modi urged all the states to "align their plans with this advancement, so that they could take maximum advantage of this move," it added.
As per the traditional practice, the Union Budget has been presented in Parliament on the last day of February. The Cabinet had last month decided to advance it by a month with a view to get all the legislative approvals for the annual spending and tax proposals before the beginning of the new financial year on April 1.
Accordingly, the Budget session of Parliament, which is usually convened in the last week of February, will now be called in January.
Early presentation of Budget would mean that the entire exercise would be over by March 31, and expenditure as well as tax proposals would come into effect right from the beginning of the new fiscal, thereby ensuring better implementation.
As per the current practice, the Budgetary exercise is completed only by mid-May and with the monsoon arriving in June, most of the schemes and spendings by states do not take off until October, leaving just half-a-year for their implementation.