Question

Arrange the following steps of preparation of budget in the right order.

• A. Prepare budget
• B. Finalise budget
• C. Present in Lok Sabha
• D. Debate on budget
• E. Ask for estimates

Answer 1

Before making the budget, the Finance Minister asks for estimates of expenditure from all other ministries, states, and union territories. This helps in the planning for the revenue. Then the budget is presented in the Lok Sabha where it is discussed and debated in detail. Once the government gets the approval on the budget, it is then implemented in the next financial year.