Who prepares the general budget of the country? Know immediately 10 big interesting stories related to this.

On February 1, 2023, the country’s general budget for the coming fiscal year will be presented.At 11 a.m., Finance Minister Nirmala Sitharaman will present the general budget to the Lok Sabha, along with an update on the country’s economic progress.The budget is critical for the future of India’s 140 million people.
In such a case, it is critical to understand who prepares the country’s general budget.Behind this, how many government departments work around the clock and how the country’s budget is kept secret.Come learn some important things about your own general budget with the help of India TV.

who prepares the india budget?

Budgeting is the primary responsibility of the Finance Ministry.So, what happens?It is prepared by the ‘Budget Division’ of the Ministry of Finance’s Department of Economic Affairs.The Budget Division sends circulars to all ministries, states, union territories, autonomous bodies, departments, and defence forces, requesting that they submit their estimates for the following fiscal year.Following receipt of demands from Ministries and Departments, intensive discussions take place between the Department of Expenditure and the Ministry of Finance.Furthermore, the Departments of Economic Affairs and Revenue hold meetings with stakeholders such as economists, businesspeople, farmers, and civil society.During this time, their opinions are solicited.Following the conclusion of the pre-Budget round of meetings, the Finance Minister makes the final decision on tax proposals. The proposals are discussed with the Prime Minister before the budget is finalised.

This is how the final form is given

All budget documents are prepared solely by selected officers.All computers involved in this process are disconnected from the other network.
The budget team of about 100 people works in the North Block office for about 2 to 3 weeks and is not allowed to leave.The officers and employees associated with the budget are almost finished in the printing press located in the basement of North Block.During the budgeting process, they are not permitted to speak or meet with anyone, including family members.

Which agencies help?

The Finance Ministry is crucial in budget preparation.Apart from that, the NITI Aayog, the Comptroller and Auditor General, and the Administrative Ministry all work together.In the month of January, the draught budget is prepared.From the budget’s preparation to its presentation, no information about it is made public until it is presented in Parliament.

Budget is linked to Article 112

The process of creating the country’s budget is critical.It has been planned for a long time.Thousands of people work round the clock, day and night, to settle the entire account.According to Article 112 of the Indian Constitution, the Union Budget is an account of the government’s estimated income and expenditure for the fiscal year.

Everyone’s opinion is taken

For several years, the Ministry of Finance has solicited citizen suggestions to increase citizen participation in the budget-making process.This year, the Finance Ministry has also asked for budget ideas and suggestions.The Finance Ministry is also looking for suggestions from industry organisations and parties.

10 interesting stories related to the budget

On November 26, 1947, then-Finance Minister RK Shanmukham Shetty presented the first budget of independent India.

John Mathai was the country’s second Finance Minister, and he presented the 1949-50 budget.It was a historic budget that concentrated on inflation.
The country chose words like Planning Commission and Five Year Plans in this budget.

After the year 1955, i.e. beginning with the budget of 1955-56, budget documents began to be prepared in Hindi as well.

A plan to unearth black money was launched in the Union Budget of 1955-56.

The Union Budget of 1994 included a provision for a service tax.Former Prime Minister Manmohan Singh presented this budget.

The 1973-74 budget is known as the Black Budget of India.The country’s budget deficit this year was Rs 550 crore.Finance Minister Pranab Mukherjee presented the budget in 1982.He delivered his budget speech for 1 hour and 35 minutes.Following this budget, long budget speeches became the norm.Indira Gandhi commented on this, saying that the finance minister with the shortest stature gave the longest speech.

Rajiv Gandhi introduced India’s first corporate tax in his 1987 budget.

A similar occasion occurred in budget history when the interim and financial budgets for the fiscal year 1991-92 were presented by ministers from various parties.
The interim budget was presented by Yashwant Sinha, while the final budget was presented by Manmohan Singh.

In his 1994 budget, Manmohan Singh introduced the term “service tax” to India.