The Ministry of Finance, headed by Union Minister Nirmala Sitharaman, will present the annual Union Budget 2021 on February 1, and it is that time of the year once again to brush up on your financial glossary to make sense of the fiscal developments in the country.
A term, which often pops up in discussions during this time, is the 'Central Plan Outlay'. Since plan expenditure forms a major part of the central government's total cost incurred in the annual budget, especially towards the realisation of the Five Year Plan, the allocation of grants to the various ministries decide the general direction that the country's financial outlook is facing.
The Expenditure Budget in the Plan outlay fixes the provisions allocated to each of the ministries, thereby influencing the cap on development projects that the respective central government departments can pursue in the financial year.
Not only does the Union Ministry of Finance detail the funding allocated to various schemes in accordance with the goals, targets, and achievements of the central government, but also explains the estimated amounts allocated in each sector.
Also included in the document are statements informing the list of externally-aided projects under the Central Plan Outlay.
The Central Plan Outlay is divided almost evenly between government support (from the budget) and internal and extra-budgetary resources of public enterprises, etc.
Finance Minister Nirmala Sitharaman today tabled the Economic Survey for 2020-21 (Apr-Mar) in the Lok Sabha.
Finance Minister Nirmala Sitharaman will present the Union Budget at 11 a.m. on February 1.
Ahead of the upcoming Union Budget to be presented on February 1 exporters' bodies have made a presentation to Finance Minister Nirmala Sitharaman and are waiting eagerly for a favourable Budget.