How is Union Budget made

The Union Budget of India, referred to as the Annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India, presented each year on the last working day of February by the Finance Minister of India in Parliament. The budget, which is presented by means of the Financial Bill and the Appropriation bill has to be passed by the House before it can come into effect on April 1, the start of India’s financial year. This article explains what is Union Budget,who makes the Union budget,process of making Union budget,how is union budget printed,what are Union budge documents,How is it presented and how is it passed. The word Budget is derived from French word Bougette that means a Small Bag

Images are from the EconomicTimes Infographic about budget

Who makes the Union Budget

Who makes the Union Budget

Who makes the Union Budget

Money trail in Union Budget

Money trail in Union Budget

Basis of Union Budget is

Basis of Union Budget

Basis of Union Budget

How is the Union budget made

How is the budget made

How is the budget made

 Budget Documents

Union Budget documents

Union Budget documents

Printing of the Union Budget

 

Printing of Union Budget

Printing of Union Budget

Presentation of Union Budget

Presentation of Union Budget

Presentation of Union Budget

Sir, with these words, I commend the budget to the house.” These words, traditionally said at the end of the finance minister’s budget speech, mark the culmination of the first phase of the annual budget process.

How is Union Budget Passed

 

How is Union Budget passed

How is Union Budget passed

Do you follow Union Budget

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Hope it helped you understand making and passing of union budget? It seems like a circus with days before budget media talking about what budget should do, what people expect from budget, what corporates expect from budget. Then on budget day we have many quizzes and contests. Next few days are spent on dissecting the budget, what is does,is it good, what it lacks and then it is back to usual. Not being from financial background I used to just ignore it earlier. Then started taking interest in individual tax portion. Slowly through newspapers and blogs got interested in understanding the budget making process. Lots of thought,work goes into making of budget. But how effective these are only time tells.

2 Responses to How is Union Budget made

  1. hemen parekh says:

    Central Budget : 2014

    Dear Shri Arun Jaitleyji,
    Even as you proceed to present Central Budget to Lok Sabha on 10 July 2014 , please look out the window of your car and see the ” Poor ” people on Delhi’s footpath
    Then , like Mahatma Gandhi ask yourself,
    ” Whatever budget proposals that I am about to present , will these bring a smile to the faces of these poor ?
    363 million poor Indians , who eke out a survival on expenditure of Rs 32 ( rural ) or Rs 47 ( urban ) per day ? ( $0.5 – 0.8 / day )
    For a family of 4 , that works out to , Rs 3840 – Rs 5640 per month
    ( $ 64 – $ 94 per month )
    May be the head of the family manages to earn Rs 2,000 per month , doing odd jobs , here and there
    The rest of the income must be coming thru ,
    * Wife scavenging the garbage heaps for discarded plastic bags / bottles
    ( when she is not salvaging discarded food ! )
    * Children begging on the streets ( you will see them as you drive to Lok Sabha )
    Now if,
    * Our population keeps growing at 15 million per year
    * Inflation keeps rising at 10 % per year, necessitating raising ” Poverty
    Limit ” by 10 % per year
    Then ,
    * How many more people will get added to “Poor “population, every year ?
    May be 5-7 million/year ? 25-35 million by 2019 ? Taking the total to 400 million ?
    Mr Jaitley ,
    Can you listen to their anguished cries ?
    They are ” begging ” you to create jobs for them , so that they can work hard and earn an honest / decent income , which can lift them above that wretched ” Poverty Line ”
    They don’t want your dole-outs / subsidies for food / LPG / Kerosene etc !
    They don’t want to remain dependent on Sarkaar – Maa Baap , for ever !
    Sir ,
    Can you ( ie Central Government ) give them jobs ? To even 50 million / year ?
    Assuming that creating ONE job calls for an investment ( in fixed assets + working capital ) , of Rs 1 million ( Rs 10 lakhs ) , you need,
    * Rs 50 MILLION * MILLION , every year !
    And YOU just don’t have that kind of money !
    Even as { Rs 500 MILLION * MILLION } of Black Money is locked up in un-productive assets , all over the country !
    The only way you can create those 50 million jobs / year , is to enable these Black Monies to turn into WHITE MONEY and get channeled into Infrastructure / Manufacturing / Services etc
    And the only way you can do is to ,
    * Introduce Amnesty Scheme ( now / immediately )
    * Introduce INVERSE TAX REGIME ( in 2015 Budget )
    I have sent these proposals to Shri Narendra Modi / Shri Murli Manohar Joshi / Shri Nitin Gadkari etc , during the past 8 months

    * hemen parekh ( 08 July 2014 / Mumbai )

    • Kirti says:

      Thanks for suggestion Heman. Quoting from D.V. Sadananda Gowda Minister of Railways July 8, 2014
      I too thought so when I was an outsider to this system before I was exposed to the intricacies and complexities of this vast organization. Now, I am overwhelmed with the enormity of my responsibility in fulfilling these expectations as Minister of Railways.
      It’s like the story of father son and donkey no matter what you do you can’t please everyone

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