Budget 2023: Understanding the Budget Process – here are the various steps involved


Image Source : FREEPIK Budget 2023: Understanding the Budget Process – Here are the Various Steps Involved

The budget process for the fiscal year 2023 in India is an important event for individuals, businesses and the economy as a whole. The process begins with the Finance Minister presenting the budget proposal in the Lok Sabha, which includes estimates of government revenues and expenditures for the upcoming fiscal year. The proposal is then discussed and debated in both the Lok Sabha and Rajya Sabha before being passed as a finance bill.

The first step in the budget process is the preparation of the budget by the Indian Government. This is done by the Finance Ministry, in consultation with other government departments and agencies. The Finance Ministry prepares the budget based on the government’s policies and priorities, and takes into account the current economic situation and the country’s financial resources.

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The second step is the presentation of the budget. The Finance Minister presents the budget in the Lok Sabha, and then it is discussed and debated by the members of parliament. The budget is then passed by the Lok Sabha and sent to the Rajya Sabha, the upper house of parliament, for approval.

The third step is the allocation of funds. Once the budget is passed, the government allocates funds for various sectors such as education, health, infrastructure, agriculture and more. The budget also outlines the allocation of funds for the various schemes and programmes of the government.

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The fourth step is the implementation of the budget. After the budget is passed, the government starts implementing the various schemes and programmes outlined in the budget. This includes the allocation of funds for different departments and agencies, and the implementation of tax changes and other financial measures.

FAQs 


1. When will the Indian Budget 2023 be presented?

The Indian Budget 2023 will typically be presented on  the first day of February in the Lok Sabha by the Finance Minister.

2. How does the Indian budget process work?

The process begins with the Finance Minister presenting the budget proposal in the Lok Sabha which includes estimates of government revenues and expenditures for the upcoming fiscal year. The proposal is then discussed and debated in both the Lok Sabha and Rajya Sabha before being passed as a finance bill.

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