Budget in India

Article 112 of the Constitution refers to the budget as the ‘annual financial statement’. The budget is a statement of the estimated receipts and expenditure of the Government of India in a financial year, which begins on1 April and ends on 31 March of the following year.

In addition to the estimates of receipts and expenditure the budget contains certain other elements. Overall, the budget contains the following:

• Annual Financial Statement (AFS)
• Demands for Grants (DG)
• Finance Bill
• Statements mandated under FRBM Act:
  1. Macro-Economic Framework Statement
  2. Fiscal Policy Strategy Statement
  3. Medium Term Fiscal Policy Statement
  4. Mid term Expenditure framework statement
• Expenditure Budget
• Receipts Budget
• Expenditure Profile
• Memorandum Explaining the Provision in the Financial Bil
• Budget at a glance
• Outcome Budget