How is the Indian budget prepared and executed?

The finance minister presents the budget in the Lok Sabha. He makes his budget in the Lok Sabha. Simultaneously, the copy of the budget is laid on the table of the Rajya Sabha. Printed copies of the budget are distributed among the members of the parliament to go through the details of the budgetary provisions.

Which article is for budget?

Definition: 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.

What is guillotine budget?

Once the Finance Bill is passed, the budget exercise is complete. While guillotine literally is a large, weighted blade used for executing a condemned person, in legislative parlance, to ”guillotine” means to bunch together and fast-track the passage of financial business.

Who passed the money bill?

the Lok Sabha
Money bills passed by the Lok Sabha are sent to the Rajya Sabha (the upper house of parliament, elected by the state and territorial legislatures or appointed by the president). The Rajya Sabha may not amend money bills but can recommend amendments.

What is Upsc appropriation?

Appropriation Bill gives power to the government to withdraw funds from the Consolidated Fund of India for meeting the expenditure during the financial year. As per article 114 of the Constitution, the government can withdraw money from the Consolidated Fund only after receiving approval from Parliament.

What is the budget process in India?

Indian Budget process The budget is prepared by the Finance Minister with the assistance of number of advisors and bureaucrats. The Finance Minister seeks the view of the industry captains and economists prior to preparation.

How is the budget prepared?

The budget is prepared by the Finance Minister with the assistance of number of advisors and bureaucrats. The Finance Minister seeks the view of the industry captains and economists prior to preparation.

What is Union budget of India?

The Union Budget of India, referred to as the annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India, presented each year on the last working day of February by the Finance Minister of India in Parliament.

Who prepares the Union Budget?

Note that every year, the Department of Economic Affairs in the Ministry of Finance prepares the Union Budget which is presented by the Finance Minister. The Union Budget is an annual financial statement which contains the estimated earnings from revenues and estimated expenditures of the government during a particular financial year.