What is Union Budget?
A Union Budget simply a estimates of the government expenditures to be incurred and revenues generated during the period of particular year. The union budget is an Annual Financial Statement shown under Article 112 in the constitution of India. It is presented on the 1st day of February.
How Union Budget get prepared?
Firstly, The Finance Ministry issues the guidelines to various ministries and departments to presents their demands. The budget circular issued several months before it to be presented.
After that all demands are received, an extensive consultations held between the ministries and department of expenditure of Finance Ministry. And Department of Economic Affairs and Department of Revenue meets with business man, stakeholders, economists etc.
After, that Finance Minister examines the budget proposals prepared by various ministry and departments and consults with Prime Minister.
The president’s recommendations is required before the presentation of Union Budget. The Budget has been presented by the Finance Minister in the Lok Sabha. The Finance Minister makes a speech while introducing the budget.