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How is the budget prepared?

  • The Annual Budget is prepared by the ministry of finance in consultation with Niti Aayog and other concerned ministries.
  • The Budget division of the department of economic affairs (DEA) in the finance ministry is the nodal body responsible for producing the Budget.
  • The budget-making process starts in August-September, that is, about six months prior to the presentation date. 
  • It involves stages that include the issuance of circulars to all ministries, Consultations on proposals received, allocation of revenues, per-budget meetings. 
  • Later, the finance minister and other officials participate in the ‘halwa ceremony’, which marks the process of printing documents for the Budget. 
  • And finally, the budget is presented by the Finance Minister in the Lok Sabha. 

Further Reading :

Related Links
Taxation in India Parliament and State Legislature
List of Cabinet Ministers of India, 2021 Indian Polity Notes
List Of Finance Ministers Of India From 1946 To 2019 Finance Commission of India

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