Category: PUBLIC

The Finance Minister presents the General Budget with a speech known as the ‘budget speech’. At the end of the speech in the Lok Sabha, the budget is laid before the Rajya Sabha, which can only discuss it and has no power to vote on the demands for grants. few days later general discussion will… Continue reading Presentation and scrutiny of budget

Enactment The Constitution of India contains the following provisions with regard to the enactment of budget: The President shall in respect of every financial year cause to be laid before both the Houses of Parliament a statement of estimated receipts and expenditure of the Government of India for that year. No demand for a grant… Continue reading How budget is enacted?

Formulation The responsibility for formulating the budget estimates rests on the executive. Generally budget preparation starts in the month of September of the previous year. General Budget contains estimated receipts and expenditure for one year usually. It has three sets of figures, such as Actual figure of the previous year Budget and Revised figure for… Continue reading How budget is formulated?