Question

Write a note on the process of presenting the budget in india

Answer 1

The budgetary process in any country involves four different operations, viz.:

(i) The preparation of the budget, i.e., the formulation of estimates of revenue and expenditure for the ensuring financial year

(ii) The enactment of the budget, i.e., its approval by the legislature in the form of finance bills and appropriation bills.

(iii) The execution of the budget, i.e., enforcement of the finance and appropriation bills; in other words, collecting the taxes and incurring the expenditure as authorised by the Parliament,

(iv) The legislative control of the budget, i.e., supervision and control of financial operation by audit on behalf of the legislature.