Here is a quick look into the technicalities of the budget.
1) Budget is the annual financial statement of the nation. According to Article 112 of the Constitution of India, the Union Budget of a year is a statement of the estimated receipts and expenditure of the government for that particular year.
2) Budget is made through a consultative process involving ministry of finance, NITI Aayog and spending ministries.
3) The ministries & departments send in their demands after which extensive consultations are held between Union ministries and the Department of Expenditure of the finance ministry.
4) Department of Economic Affairs and Department of Revenue meet stakeholders such as farmers, businessmen, FIIs, economists and civil society groups to take their views.
5) Once the pre-Budget meetings are over, a final call on the tax proposals is taken by the finance minister. The proposals are discussed with the PM before the Budget is frozen.
6) The FM presents the budget in the Lok Sabha outlining key estimates and proposals.
7) The 'Annual Financial Statement' is laid on the Table of the Rajya Sabha after the FM's speech. The Budget speech has two parts. Part A deals with general economic survey of the country and policy statements. Part B contains tax proposals.
8) The FM replies to the debate at the end of the discussion, which takes place after a few days of Budget speech.
9) A 'Vote-on-account' for expenditure in initial months of the financial year is obtained from Parliament.
10) During the break, demands for grants are considered by relevant standing committees.
11) These demands are taken up one by one as per a schedule decided by the business advisory committee of house.
12) Any member can seek a cut in allocation through one of the three cut motions:
Disapproval of Policy Cut
13) On the last day of the discussion on the Demands for Grants, the Speaker puts all the outstanding Demands for Grants to the vote in the House
14) After the demand for grants, Appropriation Bill is put to vote in Lok Sabha. It gives the government powers to spend from the Consolidated Fund of India.
After the Appropriation Bill, Finance Bill
is considered and passed by Parliament as a Money Bill.
16) The Bill is required to be passed by both the Houses and receive assent of the President within 75 days of its introduction.
Once the Finance Bill
is passed and signed by the President, the Budget process is over.