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We all know that date of budget for announcement in Parliament is 1st February, every year, since 2017. Up to 2016 it was announced on 28th or 29th February, Every year. It is but natural that people expect relief in budget to be produced on 1st February, 2023. Since 2021 it was paperless, because Finance Minister Smt. Nirmala Sitaraman has present the budget by Tablet instead of reading from book. This time it may be relies by Union Budget Mobile App, so that public as well as members of Parliament can assess easily, all the documents.

To continue the procedure of past, Government has following the Halwa Ceremoney at the time of completing procedure of releasing budget amongst staff members of Finance Ministry. At the North Block all the employees who are present at the time of printing of budget are being locked up and relive after relishing of budget.

  • Before starting preparation of budget, a circular is issued to all the departments of Governments, all the states, union territories regarding expected their needs of fund and their income and expenditure details of previous year. Even to the professional societies, associations and Chamber of Commerce etc. to end their views before budget.
  • Revenue department of Government, verify the suggestions received from the various States, Union Territories, and others by their officers in details. All proposals and suggestions are prepared separately and final list will be handover to the Finance Ministry.
  • After distribution of fund finance minister, will call pre budget meeting of different stock holders, representative of all the States, Bankers, Economists, Agriculturists Experts, Trade Unions etc. This type of meeting were called on 21st November and 28th November in virtual mode. It was informed by the Finance Department that more than 110 entities have taken part, which includes Agricultural Experts, different associations and industrialist. Over and above these infrastructures representatives, expert of capital market, social work representatives, labor unions representatives etc. were present.
  • After receiving the data, Finance Ministry will go in to the details and try to find out the reason for deficit, compare the data of income and expenditure. They will discuss the matter with economists how to control this deficit etc.
  • After detailed discussion about the income and expenditure, Finance Minister discussed with other departments and then decide about the allotment of fund to different departments. There may be difference of opinion amongst the members of finance department, finance minister will discussed the issue with Central Cabinet or at some point of time with Prime Minister also.

This shoes that procedure for the preparation of budget will start since August-September, every year. After presenting the budget it is to be passed through Parliament as well as Rajya Sabha before 1st April. Smt. Nirmala Sitaraman will present her 5th Budget on 1st February. Again this will be the last full budget for present Government as there will be election of Parliament in 2024.

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May 2024