What is the union budget? Explain the process of budget implementation in India??
Answers
Answer:
Union Budget is an annual financial statement of estimated receipts and expenditures of Government of India in respect of each financial year. Finance Minister Arun Jaitley will present the interim Budget for financial year 2019-20 in Parliament on February 1, 2019.
Explanation:
The Budget is prepared through a calculative process between the Finance Ministry and the spending ministries. The Finance Ministry issues guidelines or communicating instructions to spending ministries while spending ministries plan and present requests for Budget allocation.

Budget Circular is issued in the month of September during the Budget cycle. It marks the beginning of the Budget process. It guides ministries and departments for preparing revised estimates (for the past year) and Budget Estimates (for the coming year).

The finance minister and other officials participate in 'halwa ceremony', which marks the process of printing documents for the Budget. After the dish is served, a large number of officials and support staff, who are directly associated with the Budget-making and -printing process, are required to stay in the ministry and remain cut off from their families till the presentation of the Budget by the finance minister in Parliament.

The entire Budget-making processes commences months ago when the finance ministry seeks estimates from various ministries. After ministries and departments send in their demands, extensive consultations are held between Union ministries and the Finance Ministry's Department of Expenditure. Also, the Department of Economic Affairs and the Department of Revenue meet stakeholders - farmers, businessmen, economists etc. - to take their views.

Before presentation of the Budget, President's recommendation is obtained under Article 117(1) and 117(3) for introduction and consideration in the lower house of Parliament. After President's recommendation, the Budget is then laid before the Lok Sabha by the finance minister with the "Budget speech". It is not discussed in the Lok Sabha on that day.

The Finance Bill, containing provisions for giving effect to financial proposals of government, is introduced immediately after the presentation of Budget. The introduction of the Bill cannot be opposed. This completes the budgetary process.

Why was the budgetary process undertaken twice in 2014? 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.
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Budget Circular is issued in the month of September during the Budget cycle. It marks the beginning of the Budget process. It guides ministries and departments for preparing revised estimates (for the past year) and Budget Estimates (for the coming year).
Union budget and the process of budget implementation in India.
EXPLANATION:
- The Union Budget is the assertion of presidency’s finances for the economic 12 months, wherein the government makes estimates of revenue and charges for the approaching economic 12 months,
- that runs from April 1 to March 31.
- This is an workout carried out by using the primary authorities each year.
- The Union Budget of India, additionally known as the Annual Financial Statement in Article 112 of the Constitution of India.
- The budget, that's provided with the aid of the Finance bill and
- The Appropriation invoice needs to be surpassed by means of Lok Sabha earlier than it could come into effect on 1 April, the start of India's financial year.
- The budgetary procedure in any country Involves 4 kind of operations:
- (i) The coaching of the budget, i.e., the method of estimates of revenue and expenditure for making sure economic year.
- (ii) The enactment of the finances, i.e., its approval by means of the legislature inside the form of finance payments and appropriation payments.
- (iii) The execution of the finances, i.e., enforcement of the finance and appropriation bills; in different words, accumulating the taxes and incurring the expenditure as authorized by the Parliament,
- (iv) The legislative control of the finances, i.e., supervision and manipulation of financial operation by using audit on behalf of the legislature.