“India is projected to become 5 trillion Dollar Economy by 2025-26”
This is almost going to double from the current 3.1 trillion Dollar economy in 2022. Several Infrastructure projects were planned in this current budget, and in the last budget which can aid this economic growth.
If you look at union budget every year it is simply the accounting of revenues and expenses.
Revenue (Income) – Expenses = Deficit
Deficit will always be there in our union budget, and it is called as fiscal deficit. Government tries hard to stick within a deficit limit as projected in the budget.
Indian Government can borrow from various sources and plan to fill in the gap.
Why Budget?
Budget helps in increasing revenues so that it can be spent for welfare measures for the people and for increasing the prosperity of the people & nation.
US is almost 21 trillion Dollar Economy and China is almost 11 trillion Dollar economy. Growth in this GDP shows that the country is growing better than others.
During this Budget, important announcements related to taxation will also be made.
In this budget clarity on Introduction of Digital coin by RBI has been mentioned. It will also be introduced in this financial year. Also, Crypto investment is going to attract 30% tax which is going to be higher than equities which has long-term capital gains tax of just 10%.
This year more focus has been given on Infrastructure with Gati shakti plan, providing water by pipeline to everyone across India, Extending credit line to MSME’s, EV & renewable energy sectors etc.
Impact of Union budget in your life:
Budget will be looked upon for some welfare measures for the common man. It is much needed after this pandemic. Inflation has affected the livelihood of many people, and many are feeling the pinch of it on monthly basis.
Rural Employment scheme, Ayushman Bharat Health Insurance, Direct cash transfer via Aadhaar etc., have helped many in getting the benefits directly in the last few years.
As Budget is for the whole country and many at times it may not be as expected by everyone. There can be many viewpoints for this and am here providing my point of view which can help in creating surplus in the next few years in your life.
Yes, it is creating your own budget every year. If you are an employee, you are going to get fixed salary every month. Hence, preparing this budget should not be a big problem. I also got this idea when I was interacting with one of my college friends after almost 10+ years. She said that in the last 14 years, she would have earned close to a crore and now she just has few thousands in the bank account.
Your own Budget:
Yearly budget can include things like School/College fees, Life/Health/Car/Bike Insurance premium, Rentals or EMIs. These are all fixed expenses which happens every year.
Allocate a portion for Miscellaneous expenses like festivals, Vacation etc., which also happens every year by default.
Then come to the monthly budget, getting into the details of monthly income and expenses.
Every month on the 1st Saturday, you can allocate for doing approximate income and expense calculation for the previous month.
Benefits of doing your own Budget:
- Yearly & Monthly - Income & Expenses
- Better planning & allocation of resources
- You can achieve all your financial goals by investing wisely
- Save yourself from unwanted expenses
- Eventual Financial Freedom
About the Author
Ganesan Thiru is an Author, Stock Market Profit coach, Research Analyst who has trained more than 10,000+ people in stock market investments & had done 90+ webinars in the last 15+ months He has 1800+ people in his Private Facebook group “Unlimited Wealth” & active in social media. His mission is to inspire one million people in getting financial freedom.