The Union budget is one of the most important days, not just for the world of commerce and business but for the nation at large. This is the case, as the nation's ability and ambition are gauged and an attempt to lay a road map to the nation's fiscal year.
Union Budget On July 22
The Finance Minister of the country, Nirmala Sithraman, will be presenting the Union Budget, her seventh consecutive in a row, on July 23. The parliamentary session for the same will start on July 22.
A lot of things attached to the budget have changed over the past few years. But one change that stands out in particular is the cessation of the Union Railway Budget. The individual Union Railway Budget was last presented in 2016.
When we look at the allocation made to the ministry over the years, that has naturally only increased. In the previous fiscal year, an amount of Rs 2.4 lakh crore was earmarked for 2023–24. | (Photo by Indranil MUKHERJEE / AFP)
This is the year when the Union government, the first Modi government, put the railway budget into the Union budget. This put an end to a 92-year-old practice.
This was then met with opposition from many, including the opposition parties. Many of them even deemed it as an 'anti-poor' move, given the reliance of the larger population on the Indian railways.
When we look at the allocation made to the ministry over the years, that has naturally only increased. In the previous fiscal year, an amount of Rs 2.4 lakh crore was earmarked for 2023–24.
The Visibility of The Ministry
This was greater than the total allocation of Rs 1.4 lakh crore made in the year before that. More than a decade ago, when a separate rail budget was an integral part of the parliamentary fabric, the overall allocation in the budget stood at Rs 63,363 crore, presented by the then Railway Minister Pawan Bansal, It was the highest ever allocation then.
Although allocation has only steadily risen, it is perhaps the game of perception that plays to the electorate and to many on the opposite side of the Treasury benches.
Former Railways Minister Lalu Prasad presented the railway budget 6 times in a row. | gp sharma
Given the railways and their insurmountable relevance in the lives of countless Indians, the need for emphasis and, most importantly, better communication of the developments taking place in the sector or the ministry is crucial.
A single separate budget just for railways allows that additional channel for communicating what is being done and what is being allocated for the ministry. It also gives the concerned minister to directly engage with the public and the House (Lok Sabha and Rajya Sabha) on a matter or ministry that is of utmost importance.
