- 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 :
- Union Budget 2021 – 22
- National Institution for Transforming India (NITI Aayog)
- List of Indian Government Ministries, Departments
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