BUDGET PRESENTATION AND PROCEDURE
WHAT IS BUDGET?
- Budget is the government’s blueprint on expenditure, taxes it plans to levy, and other transactions which affect the economy and lives of citizens.
- Article 112-The Union Budget of a year is referred to as the Annual Financial Statement (AFS).
- The Budget Division of the Department of Economic Affairs in the Finance Ministry is the nodal body responsible for preparing the Budget.
LIST OF BUDGET DOCUMENTS PRESENTED IN PARLIAMENT
1. Budget Speech
2. Annual Financial Statement
3. Demands for Grants
4. Finance Bill
5. Fiscal Policy Statements mandated under FRBM Act:
Macro-Economic Framework Statement
Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement
6. Explanatory Statements
BUDGET PRESENTATION
- STAGE 1: Budget Speech by Finance Minister in Lok Sabha
- STAGE 2: General Discussion on Budget in Parliament
- STAGE 3: Scrutiny by Departmental Standing Committees
- STAGE 4: VOTING ON
1. Demands for Grants
2. Cut motions
3. Guillotine motion
- STAGE 5: Passing of Appropriation Bill
- STAGE 6: Passing of Financial Bill