Process of Preparing the Union Budget in India

The Union Budget of India is prepared by the Ministry of Finance, and presented by the Finance Minister in the Parliament on the last working day of February. The process of preparing the budget begins several months before the presentation date, with various government departments and agencies submitting their proposals for spending and revenue to the Ministry of Finance. These proposals are then reviewed and consolidated by the Ministry, and the final budget is presented to the Cabinet for approval before being presented to the Parliament. The budget includes estimates of government revenues and expenditures for the upcoming financial year, as well as proposals for taxes and other measures to achieve the government's economic and social objectives.

The process of preparing the Union Budget of India involves several steps:

1. The Ministry of Finance begins the budget-making process by issuing a budget circular, outlining the guidelines and instructions for the preparation of the budget.
2. Various government departments and ministries submit their budget estimates for the upcoming financial year to the Ministry of Finance.
3. The Ministry of Finance reviews and consolidates the budget estimates from all departments and ministries, and prepares a draft budget.
4. The draft budget is then presented to the Cabinet for review and approval.
5. After the Cabinet approves the budget, it is presented to the President of India, who then lays it before the Parliament.
6. The budget is then discussed and debated in both the Lok Sabha (House of the People) and Rajya Sabha (Council of States) before being passed.
7. Once the budget is passed, it is implemented on April 1, the beginning of the financial year in India.