What is budget cycle change?
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The budget cycle refers to the life of a budget from creation to evaluation.
The Government of India has decided to advance the presentation date of the Union Budget by a month from February to January with an objective get all allocations at different tiers disseminated to budget-holders, before the financial year begins on April 1.
It looks fine as it may be more convenient for the Union Government to pre-pone the Union Budget presentation date and to get the Budget constitutionally approved by Parliament and assented to by the President.
The move of the Government, however, not only breaks the established practice but is also considered fraught with number of issues which could hinder the correct or nearly correct estimation of expenditure and income for next year as well as the scrutiny issues.
The Government of India has decided to advance the presentation date of the Union Budget by a month from February to January with an objective get all allocations at different tiers disseminated to budget-holders, before the financial year begins on April 1.
It looks fine as it may be more convenient for the Union Government to pre-pone the Union Budget presentation date and to get the Budget constitutionally approved by Parliament and assented to by the President.
The move of the Government, however, not only breaks the established practice but is also considered fraught with number of issues which could hinder the correct or nearly correct estimation of expenditure and income for next year as well as the scrutiny issues.
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The "Budget Cycle" is a economical term which refers to the whole procedure from budget decision to budget implementation in an economic environment.
The budget cycle is mainly for larger economic systems like a leading multinational company or even a whole country.
The budget cycles are needed to be updated in the every financial year to enhance the economical growth of that country.
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