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Government of India
Bhārat Sarkār
Emblem of India.svg

The Finance minister of India usually presents the annual union budget in the Finance Commission to the president.

Total tax receipts of Centre and State amount to approximately 18% of national GDP. This compares to a figure of 37–45% in the OECD.

The Finance minister of India usually presents the annual union budget in the parliament on the last working day of February. However, for the F.Y. 2017–18, this tradition had been changed. Now budget will be presented on the 1st day of February. The budget has to be passed by the Lok Sabha before it can come into effect on 1 April, the start of India's fiscal year. The Union budget is preceded by an economic survey which outlines the broad direction of the budget and the economic performance of the country for the outgoing financial year[38]

India's non-development revenue expenditure had increased nearly five-fold in 2003–04 since 1990–91 and more than tenfold since 1985–1986. Interest payments are the single largest item of expenditure and accounted for more than 40% of the

India's non-development revenue expenditure had increased nearly five-fold in 2003–04 since 1990–91 and more than tenfold since 1985–1986. Interest payments are the single largest item of expenditure and accounted for more than 40% of the total non-development expenditure in the 2003–04 budget. Defense expenditure increased fourfold during the same period and has been increasing because of India's desire to project its military prowess beyond South Asia. In 2007, India's defence spending stood at US$26.5 billion.

Several ministers are accused of corruption and nearly a quarter of the 543 elected members of parliament had been charged with crimes, including murder, in 2009.[39] Many of the biggest scandals since 2010 have involved high level government officials, including cabinet ministers and chief ministers, such as the 2010 Commonwealth Games scam (70,000 crore (equivalent to 1.3 trillion or US$18 billion in 2019)), the Adarsh Housing Society scam, the Coal Mining Scam (1.86 lakh crore (equivalent to 3.4 trillion or US$47 billion in 2019)), the mining scandal in Karnataka and the cash for vote scandal.

See also