INTRODUCTIONthe Budget of our Country is similar to a budget of family, Organisation, Company Etc. The Financial resources of the government are generated through levying taxes, duties in different forms from the people. These money need to be spent towards overall development of the Country and the Government need to prepare a budget in this regard. India is one of the largest democratic Countries and the budget of the Country need to be approved by the Parliament.
The India Budget 2010 will be presented in the Lok Sabha on 26th February, 2010 by the Hon'ble Union Finance Minister, Mrs. Pranab Mukherjee. There are high expectations from the India Budget 2010 from all the sectors.
Though our Country's GDP [Gross Domestic Product] has crossed 7%, 30% of Country's population are still living below the poverty line. Indian Economy is 12th largest Economy in the world. As far as the industrial sector is concerned, Country has shown remarkable growth consequent to the liberalization of Economic policies of the Indian Government and opening up of Indian market to International competitions.
India Budget 2010 and Inclusive Growth.The India Budget 2010 is one of greatest features of democracy to help India to attain inclusive growth. Most of the previous Finance Ministers in their budget have made efforts for development in particular sectors like Industry, Agriculture etc. However little effort has been made in reducing economic disparities among different communities and sectors. The theme for this year's productivity week is productivity for inclusive growth. Keeping this as background the Finance Minister in the India Budget 2010 will concentrate more for inclusive growth.
India Budget 2010 and eradication of Poverty.Though India's GDP is over 7%, 30% of Country's population are still living below poverty line. In order to eradicate poverty Finance Minister in his India Budget 2010 may come up with various measures, schemes allocating financial resources. It is very sad to note that even after 60 years of our Country's Independence one third of our population are still living below the poverty line. The Finance Minister is likely to draw a road map in India Budget 2010 towards eradication of poverty in the Country by allocating sufficient funds for the Schemes.