Three things about the Union Budget for FY18 that make it unique
The Union Budget that will be presented by the finance minister on February 1, 2017 will remove the classification of expenditure as plan and non-plan. Instead, a more globally acceptable classification of capital and revenue expenditure will be followed. The plan and non-plan expenditure was a relic of the Planning Commission era which was replaced by the NITI Aayog.
The Union Budget for FY18 will be presented almost a month ahead of what was the usual practice till last year. The idea is to get it passed well before the next fiscal year kicks in on April 1, 2017. Till last year, the usual practice was to present the Budget on the last working day of February and the entire exercise till the passing of the finance and appropriation bill would take at least two months till mid-May. In the meantime, the government had to seek Parliamentary approval for withdrawing money from Consolidated Fund of India through a vote on account for the interim period till the finance and appropriation bill was passed in the second half of the Budget session.