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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 first 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, the 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 the French word Bougette that means a Small Bag

Video on What is Union Budget of India?

The Union Budget of India is the country’s Comprehensive Annual Financial Statement. Presented every year in February, Union Budgets impact everyone’s lives. This 4 minute Financial Express Explained video helps you understand what the Union Budget means and why it is important.

Video on How Budget is Prepared?

How to budget process starts much earlier, is presented on 1 Feb and then is passed . From 2017 budget is presented in the month of February not in the month of March.

Who makes the Union Budget

The budget is prepared by the Ministry of Finance after consultations with all the other ministries with respect to their funding requirements. On the Budget Day, Union Budget is presented in Lok Sabha by the Finance Minister

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

Images are from the EconomicTimes Infographic about budget

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 the budget, what corporates expect from the budget. Then on the budget day, we have many quizzes and contests. Next few days are spent on dissecting the budget, what it does,is it good, what it lacks and then it is back to usual. Not being from the 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 the making of budget. But how effective these are only time tells.

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