How is the budget passed in India?
After the Finance Ministry prepares the budget, the government suggests a date for presenting the budget. After this, the Secretary-General of the Lok Sabha Secretariat demands the President's approval on this.
- Finance Minister presents the budget in the Lok Sabha. Important points and proposals are mentioned in it.
- The budget speech of the Finance Minister has two parts. The first part announces the economic survey and policy announcements, the second part contains tax-related statements.
Yearly After the speech of the Finance Minister, 'Annual Financial Statement' is laid on the Table of the Rajya Sabha.
After presenting the budget, the budget is discussed in two parts: general discussion and detailed debate.
Any member of the House can demand a cut in the distributed grant. Disapproval of policy cut, economy cut, a token amount can be ordered this.
- After this, the Appropriation Bill is introduced in the Lok Sabha for voting. The finance bill is considered after the approval bill. Parliament passes this as a money bill.
- It needs the approval of both the houses and the President of India within 75 days of introducing a bill. The budget process is completed after the Finance Bill is passed, and the President signs it.