Union Budget 2017 – 2018: An Outlook of Mumbaikar

Accountancy

Second National Level Interdisciplinary Seminar on "Exploring Emerging Trends and Innovation in Research in Commerce, Science & Technology, Humanities and Social Sciences”

India is one of the fastest growing economies of the world. India is a federal republic means it has existence of state governments as well as a Union Government. By the nature of the organization of the country, the Union Government is powerful than the state governments. According to Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year. Union Budget keeps the account of the government's finances for the fiscal year that runs from 1st April to 31st March. The Union Budget is perhaps the most watched event in economic policy making in India. The core fiscal issues - taxation, expenditures, and the fiscal deficit - are obviously important for macroeconomics. In addition, governments have often chosen to use the Budget speech as a mechanism for announcing important new policy initiatives, and for outlining some plans for economic policy in the coming months. The paper tries to put a light on the overall Union Budget for the Financial Year 2017 - 18 and also tries to study the views of Mumbaikars about the Union Budget

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