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. 

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