Budget Preparation Process of India
THE BUDGETARY PROCESS
THE BUDGET
What is Budget?
The Annual Financial Statement or the Statement of the Estimated Receipts and Expenditure of theGovernment of India in respect of each financial year is popularly known as the Budget.
Presentation of Budget
2. The Budget is presented to Lok Sabha in two parts, namely, the Railway Budget pertaining to Railway Finance and the General Budget which gives an overall picture of the financial position of the Government of India, excluding the Railways.
3. The Budget is presented to Lok Sabha on such day* as the President may direct. Immediately after the presentation of the Budget, the following three statements under the Fiscal Responsibility and Budget Management Act, 2003 are also laid on the Table of
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* By convention the Railway Budget is presented sometime in the third week of February at 1200 hours after the Question Hour. The General Budget was presented by convention, till 1998, on the last working day of February at 5 P.M. This convention was however, changed in 1999 when the General Budget was presented at 11 A.M. Since then theGeneral Budget is presented at 11 A.M. on the last working day of February (except in 2000 when it was presented at 2 P.M.).
Lok Sabha:- (i) The Medium Term Fiscal Policy Statement; (ii) The Fiscal Policy Strategy Statement;and (iii) The Macro Economic Framework Statement. Simultaneously, a copy of the respective Budgets is laid on the Table of Rajya Sabha. In an election year, the Budgets may be presented twice—first to secure a Vote on Account for a few months and later in full.
Distribution of Budget Papers
4. In the case of the Railway Budget, the sets are distributed to members from the Publications Counter after the Railway Minister has concluded his speech. The sets of General Budget are distributed to members from several booths in the Inner and Outer Lobbies arranged according to
THE BUDGET
What is Budget?
The Annual Financial Statement or the Statement of the Estimated Receipts and Expenditure of theGovernment of India in respect of each financial year is popularly known as the Budget.
Presentation of Budget
2. The Budget is presented to Lok Sabha in two parts, namely, the Railway Budget pertaining to Railway Finance and the General Budget which gives an overall picture of the financial position of the Government of India, excluding the Railways.
3. The Budget is presented to Lok Sabha on such day* as the President may direct. Immediately after the presentation of the Budget, the following three statements under the Fiscal Responsibility and Budget Management Act, 2003 are also laid on the Table of
------------------------------------------------------------------------------------------
* By convention the Railway Budget is presented sometime in the third week of February at 1200 hours after the Question Hour. The General Budget was presented by convention, till 1998, on the last working day of February at 5 P.M. This convention was however, changed in 1999 when the General Budget was presented at 11 A.M. Since then theGeneral Budget is presented at 11 A.M. on the last working day of February (except in 2000 when it was presented at 2 P.M.).
Lok Sabha:- (i) The Medium Term Fiscal Policy Statement; (ii) The Fiscal Policy Strategy Statement;and (iii) The Macro Economic Framework Statement. Simultaneously, a copy of the respective Budgets is laid on the Table of Rajya Sabha. In an election year, the Budgets may be presented twice—first to secure a Vote on Account for a few months and later in full.
Distribution of Budget Papers
4. In the case of the Railway Budget, the sets are distributed to members from the Publications Counter after the Railway Minister has concluded his speech. The sets of General Budget are distributed to members from several booths in the Inner and Outer Lobbies arranged according to