presentation of budget in india

In the 75th year of India’s Independence, the World has recognized the Indian Economy as a ‘bright star’ as the Economic Growth is estimated at 7 per cent, which is the highest among all major economies, in spite of the massive global slowdown caused by COVID-19 and Russia-Ukraine War. This was stated by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman, while presenting the Union Budget 2023-24 in Parliament today. She emphasized that Indian economy is on the right track, and despite a time of challenges, heading towards a bright future.

Smt. Sitharaman said that this Budget hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100, which envisions a prosperous and inclusive India, where the fruits of development reach all regions and citizens, especially our youth, women, farmers, OBCs, Scheduled Castes and Scheduled Tribes.

Resilience amidst multiple crises

The Finance Minister said that India’s rising global profile is due to several accomplishments like unique World Class Digital Public Infrastructure namely, Aadhaar, Co-Win and UPI; COVID-19 vaccination drive in unparalleled scale and speed; proactive role in frontier areas such as achieving the climate related goals, mission LiFE, and National Hydrogen Mission.

She said that during the Covid-19 pandemic, Government ensured that no one goes to bed hungry, with a scheme to supply free food grains to over 80 Crore  persons for 28 months. The Minister added that continuing with Centre’s commitment to ensure food and nutritional security, Government is implementing, from 1st January 2023, a scheme to supply free food grain to all Antyodaya and priority households for the next one year, under PM Garib Kalyan Anna Yojana (PMGKAY). The entire expenditure of about Rs 2 lakh crore will be borne by the Central Government.

G 20 Presidency: Steering the global agenda through challenges

The Finance Minister pointed out that in these times of global challenges; the G20 Presidency gives India a unique opportunity to strengthen its role in the world economic order. With the theme of ‘Vasudhaiva Kutumbakam’, India is steering an ambitious, people-centric agenda to address global challenges, and to facilitate sustainable economic development, she added.

Achievements since 2014: Leaving no one behind

Smt. Sitharaman said that the government’s efforts since 2014 have ensured for all citizens a better quality of living and a life of dignity and the per capita income has more than doubled to Rs 1.97 lakh. She said that in these nine 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world. Moreover, the economy has become a lot more formalized as reflected in the EPFO membership, more than doubling to 27 crore, and 7,400 crore digital payments of Rs 126 lakh crore through UPI in 2022.

The Finance Minister pointed out that the efficient implementation of many schemes, with universalisation of targeted benefits, has resulted in inclusive development and listed some of the schemes such as 11.7 crore household toilets under Swachh Bharat Mission, 9.6 crore LPG connections under Ujjawala, 220 crore Covid vaccinations of 102 crore persons, 47.8 crore PM Jan Dhan Bank Accounts, Insurance cover for 44.6 crore persons under PM Suraksha Bima and PM Jeevan Jyoti Yojana, and Cash transfer of Rs 2.2 lakh crore to over 11.4 crore farmers under PM Kisan Samman Nidhi.

 Vision for Amrit Kaal – an empowered and inclusive economy

The Finance Minister said that our vision for the Amrit Kaal includes technology-driven and knowledge-based economy with strong public finances, and a robust financial sector and to achieve this, Jan Bhagidari through Sabka Saath Sabka Prayas is essential. She added that the economic agenda for achieving this vision focuses on three things and those are facilitating ample opportunities for citizens, especially the youth, to fulfill their aspirations, secondly, providing strong impetus to growth and job creation and finally to strengthen macro-economic stability. She added that to service these focus areas in our journey to India@100, the following four opportunities can be transformative during Amrit Kaal-

•   Economic Empowerment of Women : Deendayal Antyodaya Yojana National Rural Livelihood Mission has achieved remarkable success by mobilizing rural women into 81 lakh Self Help Groups and we will enable these groups to reach the next stage of economic empowerment through formation of large producer enterprises or collectives with each having several thousand members and managed professionally.
• PM VIshwakarma KAushal Samman (PM VIKAS): For centuries, traditional artisans and craftspeople, who work with their hands using tools, have brought renown for India and they are generally referred to as Vishwakarma. The art and handicraft created by them represents the true spirit of Atmanirbhar Bharat.

The Finance Minister informed that for the first time, a package of assistance for them has been conceptualized and the new scheme will enable them to improve the quality, scale and reach of their products, integrating them with the MSME value chain. The components of the scheme will include not only financial support but also access to advanced skill training, knowledge of modern digital techniques and efficient green technologies, brand promotion, linkage with local and global markets, digital payments, and social security. This will greatly benefit the Scheduled Castes, Scheduled Tribes, OBCs, women and people belonging to the weaker sections.

•   Tourism: The Finance Minister said that the country offers immense attraction for domestic as well as foreign tourists, as there is a large potential to be tapped in tourism. She added that the sector holds huge opportunities for jobs and entrepreneurship for youth in particular and emphasized that promotion of tourism will be taken up on mission mode, with active participation of states, convergence of government programmes and public-private partnerships.
• Green Growth : Dwelling on the subject of Green Growth, the FM said that India is implementing many programmes for green fuel, green energy, green farming, green mobility, green buildings, and green equipment, and policies for efficient use of energy across various economic sectors. These green growth efforts help in reducing carbon intensity of the economy and provides for largescale green job opportunities, she added.

Priorities of this Budget

Smt. Nirmala Sitharaman listed seven priorities of the Union Budget and said that they complement each other and act as the ‘Saptarishi’ guiding us through the Amrit Kaal. They are as follows: 1) Inclusive Development 2) Reaching the Last Mile 3) Infrastructure and Investment 4) Unleashing the Potential 5) Green Growth 6) Youth Power 7) Financial Sector

Priority 1: Inclusive Development

 The Government’s philosophy of Sabka Saath Sabka Vikas has facilitated inclusive development covering in specific, farmers, women, youth, OBCs, Scheduled Castes, Scheduled Tribes, divyangjan and economically weaker sections, and overall priority for the underprivileged (vanchiton ko variyata). There has also been a sustained focus on Jammu & Kashmir, Ladakh and the North-East. This Budget builds on those efforts.

Agriculture and Cooperation

Digital Public Infrastructure for Agriculture

The Finance Minister said that the Digital Public infrastructure for agriculture will be built as an open source, open standard and inter operable public good.  She said, this will enable inclusive, farmer-centric solutions through relevant information services for crop planning and health, improved access to farm inputs, credit, and insurance, help for crop estimation, market intelligence, and support for growth of agri-tech industry and start-ups.

Agriculture Accelerator Fund

The FM announces that an Agriculture Accelerator Fund will be set-up to encourage agri-startups by young entrepreneurs in rural areas, which will aim at bringing innovative and affordable solutions for challenges faced by farmers. It will also bring in modern technologies to transform agricultural practices, increase productivity and profitability.

Enhancing productivity of cotton crop  

To enhance the productivity of extra-long staple cotton, Government will adopt a cluster-based and value chain approach through Public Private Partnerships (PPP). This will mean collaboration between farmers, state and industry for input supplies, extension services, and market linkages.

Atmanirbhar Horticulture Clean Plant Programme

Smt. Nirmala Sitharaman announced that the Government will launch an Atmanirbhar Clean Plant Programme to boost availability of disease-free, quality planting material for high value horticultural crops at an outlay of  Rs  2,200 crore.

Global Hub for Millets: ‘Shree Anna’

Smt. Sitharaman quoted Prime Minister as saying, “India is at the forefront of popularizing Millets, whose consumption furthers nutrition, food security and welfare of farmers”. She said that India is the largest producer and second largest exporter of ‘Shree Anna’ in the world as it grows several types of 'Shree Anna' such as jowar, ragi, bajra, kuttu, ramdana, kangni, kutki, kodo, cheena, and sama.

She mentioned that these have a number of health benefits, and have been an integral part of our food for centuries and acknowledged with pride that the huge service done by small farmers in contributing to the health of fellow citizens by growing these ‘Shree Anna’.  She added that to make India a global hub for 'Shree Anna', the Indian Institute of Millet Research, Hyderabad will be supported as the Centre of Excellence for sharing best practices, research and technologies at the international level.

Agriculture Credit

Dwelling on welfare measures for farmers, the Finance Minister announced that the agriculture credit target will be increased to Rs 20 lakh crore with focus on animal husbandry, dairy and fisheries.

She informed that the Government will launch a new sub-scheme of PM Matsya Sampada Yojana with targeted investment of  Rs 6,000 crore to further enable activities of fishermen, fish vendors, and micro & small enterprises, improve value chain efficiencies, and expand the market.

Cooperation

 For farmers, especially small and marginal farmers, and other marginalized sections, the government is promoting cooperative-based economic development model. A new Ministry of Cooperation was formed with a mandate to realize the vision of ‘Sahakar Se Samriddhi’. To realise this vision, the government has already initiated computerization of 63,000 Primary Agricultural Credit Societies (PACS) with an investment of Rs 2,516 crore.

In consultation with all stakeholders and states, model bye-laws for PACS were formulated enabling them to become multipurpose PACS. A national cooperative database is being prepared for country-wide mapping of cooperative societies.

Smt. Sitharaman said that Government will implement a plan to set up massive decentralized storage capacity, which will help farmers store their produce and realize remunerative prices through sale at appropriate times. The government will also facilitate setting up of a large number of multipurpose cooperative societies, primary fishery societies and dairy cooperative societies in uncovered panchayats and villages in the next 5 years.

Health, Education and Skilling

Medical & Nursing Colleges

The Finance Minister announced that one hundred and fifty-seven new nursing colleges will be established in co-location with the existing 157 medical colleges established since 2014. She also informed that a Mission to eliminate Sickle Cell Anaemia by 2047 will be launched, which will entail awareness creation, universal screening of 7 crore people in the age group of 0-40 years in affected tribal areas, and counseling through collaborative efforts of central ministries and state governments. On Medical Research, she said that facilities in select ICMR Labs will be made available for research by public and private medical college faculty and private sector R&D teams for encouraging collaborative research and innovation.

Dwelling on the subject of Pharma Innovation, the Finance Minister informed that a new programme to promote research and innovation in pharmaceuticals will be taken up through centers of excellence. She said that the Government will also encourage industry to invest in research and development in specific priority areas.

 Teachers’ Training

Smt. Sitharaman said that Teachers’ training will be re-envisioned through innovative pedagogy, curriculum transaction, continuous professional development, dipstick surveys, and ICT implementation. She added that the District Institutes of Education and Training will be developed as vibrant institutes of excellence for this purpose.

She also informed that a National Digital Library for Children and Adolescents will be set-up for facilitating availability of quality books across geographies, languages, genres and levels, and device agnostic accessibility. States will be encouraged to set up physical libraries for them at panchayat and ward levels and provide infrastructure for accessing the National Digital Library resources.

Additionally, to build a culture of reading, and to make up for pandemic-time learning loss, the National Book Trust, Children’s Book Trust and other sources will be encouraged to provide and replenish non-curricular titles in regional languages and English to these physical libraries.

Priority 2: Reaching the Last Mile

The Finance Minister said that Prime Minister Vajpayee’s government had formed the Ministry of Tribal Affairs and the Department of Development of North-Eastern Region to provide a sharper focus to the objective of ‘reaching the last mile’. She said that Modi Government has formed the ministries of AYUSH, Fisheries, Animal Husbandry and Dairying, Skill Development, Jal Shakti and Cooperation.

Aspirational Districts and Blocks Programme

Smt. Sitharaman informed that building on the success of the Aspirational Districts Programme, the Government has recently launched the Aspirational Blocks Programme covering 500 blocks for saturation of essential government services across multiple domains such as health, nutrition, education, agriculture, water resources, financial inclusion, skill development, and basic infrastructure.

Pradhan Mantri PVTG Development Mission

The Finance Minister said that to improve socio-economic conditions of the particularly vulnerable tribal groups (PVTGs), Pradhan Mantri PVTG Development Mission will be launched. This will saturate PVTG families and habitations with basic facilities such as safe housing, clean drinking water and sanitation, improved access to education, health and nutrition, road and telecom connectivity, and sustainable livelihood opportunities. An amount of  Rs 15,000 crore will be made available to implement the Mission in the next three years under the Development Action Plan for the Scheduled Tribes. Smt.  Sitharaman announced that in the next three years, centre will recruit 38,800 teachers and support staff for the 740 Eklavya Model Residential Schools, serving 3.5 lakh tribal students.

Water for Drought Prone Region

The Finance Minister said that in the drought prone central region of Karnataka, central assistance of Rs 5,300 crore will be given to Upper Bhadra Project to provide sustainable micro irrigation and filling up of surface tanks for drinking water.

PM Awas Yojana

In an important announcement, the Finance Minister said that the outlay for PM Awas Yojana is being enhanced by 66 per cent to over Rs 79,000 crore.

 ‘Bharat Shared Repository of Inscriptions’ will be set up in a digital epigraphy museum, with digitization of one lakh ancient inscriptions in the first stage.

Priority 3: Infrastructure & Investment

Smt.  Sitharaman said, investments in Infrastructure and productive capacity have a large multiplier impact on growth and employment and in view of this capital investment outlay is being increased steeply for the third year in a row by 33 per cent to Rs 10 lakh crore, which would be 3.3 per cent of GDP. She said that this will be almost three times the outlay in 2019-20.  The ‘Effective Capital Expenditure’ of the Centre is budgeted at Rs 13.7 lakh crore, which will be 4.5 per cent of GDP.

Support to State Governments for Capital Investment

The Finance Minister informed that the Government has decided to continue the 50-year interest free loan to state governments for one more year to spur investment in infrastructure and to incentivize them for complementary policy actions, with a significantly enhanced outlay of  Rs 1.3 lakh crore.

The Finance Minister announced that a capital outlay of Rs 2.40 lakh crore has been provided for the Railways, which is the highest ever outlay  and  about 9 times the outlay made in 2013- 14.

She also informed that one hundred critical transport infrastructure projects, for last and first mile connectivity for ports, coal, steel, fertilizer, and food grains sectors have been identified and they will be taken up on priority with investment of Rs 75,000 crore, including  Rs 15,000 crore from private sources.

Smt. Sitharaman said that fifty additional airports, heliports, water aerodromes and advance landing grounds will be revived for improving regional air connectivity.

The Finance Minister announced that  an Urban Infrastructure Development Fund (UIDF) will be established through use of priority sector lending shortfall, which will be managed by the National Housing Bank, and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities. She said that States will be encouraged to leverage resources from the grants of the 15th Finance Commission, as well as existing schemes, to adopt appropriate user charges while accessing the UIDF.

Smt. Sitharaman said that Government will make available Rs 10,000 crore per annum for this purpose.

Priority 4: Unleashing the Potential

The Finance Minister said that for enhancing ease of doing business, more than 39,000 compliances have been reduced and more than 3,400 legal provisions have been decriminalized. She added that for furthering the trustbased governance, Government has introduced the Jan Vishwas Bill to amend 42 Central Acts.

Centres of Excellence for Artificial Intelligence

The Finance Minister said that for realizing the vision of “Make A-I in India and Make A-I work for India”, three centers of excellence for Artificial Intelligence will be set-up in top educational institutions. Leading industry players will partner in conducting interdisciplinary research, develop cutting-edge applications and scalable problem solutions in the areas of agriculture, health, and sustainable cities, which will galvanize an effective A-I ecosystem and nurture quality human resources in the field.

National Data Governance Policy.

The FM said that t o unleash innovation and research by start-ups and academia, a National Data Governance Policy will be brought out, which will enable access to anonymized data.

She also announced that An Entity DigiLocker will be set up for use by MSMEs, large business and charitable trusts for storing and sharing documents online securely, whenever needed, with various authorities, regulators, banks and other business entities.

On 5G Services, she announced that one hundred labs for developing applications using 5G services will be set up in engineering institutions to realize a new range of opportunities, business models, and employment potential. The labs will cover, among others, applications such as smart classrooms, precision farming, intelligent transport systems, and health care applications.

Priority 5: Green Growth

Smt.  Sitharaman said that  Prime Minister has given a vision for “LiFE”, or Lifestyle for Environment, to spur a movement of environmentally conscious lifestyle. India is moving forward firmly for the ‘panchamrit’ and net-zero carbon emission by 2070 to usher in green industrial and economic transition.

She said, this Budget builds on the focus on green growth. The recently launched National Green Hydrogen Mission, with an outlay of Rs 19,700 crores, will facilitate transition of the economy to low carbon intensity, reduce dependence on fossil fuel imports, and make the country assume technology and market leadership in this sunrise sector. The target is to reach an annual production of 5 MMT by 2030.

The Budget also provides Rs35,000 crore for priority capital investments towards energy transition and net zero objectives, and energy security by Ministry of Petroleum & Natural Gas.

The Finance Minister said that to steer the economy on the sustainable development path, Battery Energy Storage Systems with capacity of 4,000 MWH will be supported with Viability Gap Funding.

She also informed that the Inter-state transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh will be constructed with investment of  Rs 20,700 crore including central support of Rs 8,300 crore.

 GOBARdhan scheme

Smt. Nirmala Sitharaman announced that 500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme will be established for promoting circular economy. These will include 200 compressed biogas (CBG) plants, including 75 plants in urban areas, and 300 community or cluster-based plants at total investment of  Rs 10,000 crore.

She said, in due course, a 5 per cent CBG mandate will be introduced for all organizations marketing natural and bio gas and for collection of bio-mass and distribution of bio-manure, appropriate fiscal support will be provided.

Bhartiya Prakritik Kheti Bio-Input Resource Centres

The Finance Minister announced that over the next 3 years, the Centre will facilitate one crore farmers to adopt natural farming. For this, 10,000 Bio-Input Resource Centres will be set-up, creating a national-level distributed micro-fertilizer and pesticide manufacturing network.

The Finance Minister said that in furtherance of the vehicle scrapping policy mentioned in Budget 2021-22, she has allocated adequate funds to scrap old vehicles of the Central Government and States will also be supported in replacing old vehicles and ambulances.

Priority 6: Youth Power

The Finance Minister said that to empower the youth and help the ‘Amrit Peedhi’ realize their dreams, Government has formulated the National Education Policy, focused on skilling, adopted economic policies that facilitate job creation at scale, and have supported business opportunities.

She also announced that Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched to skill lakhs of youth within the next three years. On-job training, industry partnership, and alignment of courses with needs of industry will be emphasized. The scheme will also cover new age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills.

She also announced that to skill youth for international opportunities, 30 Skill India International Centres will be set up across different States.

National Apprenticeship Promotion Scheme

Smt. Nirmala Sitharaman said that to provide stipend support to 47 lakh youth in three years, Direct Benefit Transfer under a pan-India National Apprenticeship Promotion Scheme will be rolled out.

 Unity Mall

The FM said that States will be encouraged to set up a Unity Mall in their state capital or most prominent tourism centre or the financial capital for promotion and sale of their own ODOPs (one district, one product), GI products and other handicraft products, and for providing space for such products of all other States.

Priority 7: Financial Sector

Credit Guarantee for MSMEs

The Finance Minster said that last year, she proposed revamping of the credit guarantee scheme for MSMEs and announced happily  that the revamped scheme will take effect from 1st April 2023 through infusion of  Rs 9,000 crore in the corpus. This will enable additional collateral-free guaranteed credit of Rs 2 lakh crore. Further, the cost of the credit will be reduced by about 1 per cent.

Smt. Sitharaman said that a National Financial Information Registry will be set up to serve as the central repository of financial and ancillary information. This will facilitate efficient flow of credit, promote financial inclusion, and foster financial stability. A new legislative framework will govern this credit public infrastructure, and it will be designed in consultation with the RBI.

She also announced that a Central Processing Centre will be setup for faster response to companies through centralized handling of various forms filed with field offices under the Companies Act.

For commemorating Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025. This will offer deposit facility upto Rs 2 lakh in the name of women or girls for a tenor of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option.

Senior Citizens

The Finance Minister announced that the maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakh to Rs 30 lakh.

Also, the maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for single account and from Rs 9 lakh to  Rs 15 lakh for joint account.

Fiscal Management

Fifty-year interest free loan to States

Smt. Nirmala Sitharaman said that the entire fifty-year loan to states has to be spent on capital expenditure within 2023-24. Most of this will be at the discretion of states, but a part will be conditional on states increasing their actual capital expenditure. She said, parts of the outlay will also be linked to, or allocated for, the following purposes: like Scrapping old government vehicles, Urban planning reforms and actions, Financing reforms in urban local bodies to make them, creditworthy for municipal bonds, Housing for police personnel above or as part of police stations, Constructing Unity Malls,  Children and adolescents’ libraries and digital infrastructure and  State share of capital expenditure of central schemes.

The Revised Estimate of the total receipts other than borrowings is Rs 24.3 lakh crore, of which the net tax receipts are Rs 20.9 lakh crore. The Revised Estimate of the total expenditure is Rs 41.9 lakh crore, of which the capital expenditure is about Rs 7.3 lakh crore. Similarly, the Revised Estimate of the fiscal deficit is 6.4 per cent of GDP, adhering to the Budget Estimate.

 Budget Estimates 2023-24

Concluding the Part-One of the General Budget, Ms Nirmala Sitharaman said that  the total receipts other than borrowings and the total expenditure are estimated at  Rs 27.2 lakh crore and  Rs 45 lakh crore respectively. The net tax receipts are estimated at Rs 23.3 lakh crore.

 The fiscal deficit is estimated to be 5.9 per cent of GDP.

She said that in her Budget Speech for 2021-22, she had announced that Government plans to continue the path of fiscal consolidation, reaching a fiscal deficit below 4.5 per cent by 2025-26 with a fairly steady decline over the period. She said that the Government has adhered to this path, and reiterated to bring the fiscal deficit below 4.5 per cent of GDP by 2025-26.

Smt. Sitharaman said, to finance the fiscal deficit in 2023-24, the net market borrowings from dated securities are estimated at Rs11.8 lakh crore. The balance financing is expected to come from small savings and other sources. The gross market borrowings are estimated at Rs 15.4 lakh crore.

Smt Nirmala Sitharaman provides major relief in the personal income tax. The indirect tax proposals contained in the budget aim to promote exports enhance domestic value addition, encourage green energy and mobility.

Personal Income Tax

There are five major announcements relating to the personal income tax. The rebate limit in the new tax regime has been increased to ₹ 7 lakh, meaning that peons in the new tax regime with income upto ₹ 7 lakh will not have to pay any tax. The tax structure in the new personal tax regime has been changed by reducing number of slabs to five and increasing the tax exemption limit to ₹ 3 lakh. This will provide major relief to all tax payers in the new regime.

The benefit of standard deduction has been extended to the salaried class and the pensioners including family pensioner under the new tax regime. Salaried individual will get standard deduction of ₹ 50,000 and pensioner ₹ 15,000 as per the proposal. Each salaried person with an income of ₹ 15.5 lakh or more will thus gain ₹ 52,500, from the above proposals.

The highest surcharge rate in personal income tax has been reduced from 37% to 25% in the new tax regime for income above ₹2 crore. This would result in maximum tax rate of personal income tax come down to 39% which was earlier 42.74%.

The limit of tax exemption on leave encashment on retirement of non-government salaried employees has been increased from ₹3 lakh to ₹25 lakh.

The new income tax regime has been made the default tax regime. However, the citizens will continue to have the option to avail the benefit of the old tax regime.

Indirect Tax Proposals

The indirect tax proposals announced in the budget by the Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman emphasized on simplification of tax structure with fewer tax rates so as to help in reducing compliance burden and improving tax administration. The number of basic customs duty rates on goods, other than textiles and agriculture, has been reduced from 21 to 13. There are minor changes in the basic customs duties, cesses and surcharges on items including toys, bicycles, automobiles and naphtha.

To avoid cascading of taxes on blended compressed natural gas, excise duty on GST-paid compressed bio-gas contained in it has been exempted from excise duty. Customs duty exemption has been extended to import of capital goods and machinery required for manufacture of lithium-ion cells for batteries used in electric vehicles.

To further deepen domestic value addition in manufacture of mobile phones, the Finance Minister announced relief in customs duty on import of certain parts and inputs like camera lens. The concessional duty on lithium-ion cells for batteries will continue for another year. Basic customs duty on parts of open cells of TV panels has been reduced to 2.5%. The Budget also proposes changes in the basic customs duty to rectify inversion of duty structure and encourage manufacturing of electrical kitchen chimneys.

Denatured ethyl alcohol has been exempted from basic customs duty. Basic customs duty has also been reduced on acid grade fluorspar and crude glycerin. Duty is being reduced on key inputs for domestic manufacture of shrimp feed. Basic customs duty on seeds used in the manufacture of Lab Grown Diamonds has also been reduced. The import duty on silver dore, bars and articles has been increased to align them with that on gold and platinum. The basic customs duty rate on compounded rubber has been increased. National Calamity Contingent Duty on specified cigarettes has been revised upwards by about 16%. The basic customs duty on crude glycerin for use in manufacture of epicholorhydrin is proposed to be reduced from 7.5% to 2.5%.

Common IT Return Form

The Union Budget also proposes to roll out a next-generation common IT return form for tax payer convenience. It also stipulates a plan to strengthen the grievance redressal mechanism for direct taxes. The Finance Minister also announced deployment of about 100 Joint Commissioners for disposals of small appeals in direct tax matters. She also said that the department will be more selective in taking up cases for scrutiny of returns already received this year.

Better targeting of tax concessions

For better targeting of tax concessions and exemptions, deduction from capital gains on investment in residential house has been capped at ₹ 10 crore. Income tax exemption from proceeds of insurance policies with very high value will also have limit. There are a number of proposals relating to rationalization and simplification of direct taxes in the Union Budget.

Other major proposals in the Budget relate to Extension of period of tax benefits to funds relocating to IFSC, GIFT City till 31.03.2025; Decriminalisation under section 276A of the Income Tax Act; Allowing carry forward of losses on strategic disinvestment including that of IDBI Bank;  and Providing EEE status to Agniveer Fund.

Proposals relating to MSMEs

Describing MSMEs as growth engines of our economy, the Budget proposes enhanced limits for micro enterprises and certain professionals for availing the benefit of presumptive taxation. To support MSMEs in timely receipt of payments, the Budget allows deduction for expenditure incurred on payments made to them only when payment is actually made.

The Budget has a slew of proposals for the cooperative sector. New cooperatives that commence manufacturing activities till 31 st March next year shall get the benefit of a lower tax rate of 15%. The Budget provides an opportunity to sugar cooperatives to claim payments made to sugarcane farmers for the period prior to assessment year 2016-17 as expenditure. A higher limit of ₹ 2 lakh per member has been provided for cash deposits to and loans in cash by Primary Agricultural Cooperative Societies and Primary Cooperative Agriculture and Rural Development Banks. The Budget proposes a higher limit of ₹ 3 crore for TDS on cash withdrawal for cooperative societies.

The Budget proposes to extend the date of incorporation for income tax benefits to start-ups from 31.03.2023 to 31.03.2024. It also provides the benefit of carry forward of losses on change of shareholding of start-ups from 7 years of incorporation to 10 years.

Amendments in CGST Act

The Budget provides for amending the CGST Act so as to raise the minimum threshold of tax amount for launching prosecution under GST from ₹ 1 crore to ₹ 2 crore, except for the offence of issuance of invoices without supply of goods and services or both. The compounding amount will be reduced from the present range of 50 to 150% of tax amount to the range of 25 to 100%. It will also decriminalize certain clauses of the Act like obstruction and preventing of any officer from discharge of his duties, deliberate tempering of evidence or failure to supply the information.

Implications of tax changes

Announcing the changes in the direct and indirect taxes, the Finance Minister said that revenue of about ₹ 38,000 crore will be foregone as a result of these proposals, while revenue of about ₹3,000 crore will be additionally mobilised. She said thus the total revenue foregone is about ₹35,000 crore annually on account of these proposals.

RM/YB/SNC/SKS

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Government Budgeting in India – The Process and Constitutional Requirements

Last updated on February 4, 2024 by Alex Andrews George

What is the process of government budgeting in India? What are the constitutional requirements regarding the annual financial statement? Read further to know more.

How knowledgeable are you regarding the government budgeting process of India?

In this post, we explain the basics of Indian Budget and Government Budgeting process for beginners.

Table of Contents

What exactly is a budget?

As you know, the budget is a report presented by the government. It is a report of the government finances which includes revenues and outlays.

Thus, the budget can be defined as the most comprehensive report of the government’s finances in which revenues from all the sources and outlays for all activities are consolidated.

In simple terms, the budget is an annual financial statement of the revenue and expenditure of a government.

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Budget in the Indian Constitution

The term ‘Budget’ is not mentioned in the Indian Constitution ; the corresponding term used is ‘Annual Financial Statement’ (article 112).

What are the constitutional requirements which make Budget necessary?

• Article 265: provides that ‘no tax shall be levied or collected except by authority of law’. [ie. Taxation needs the approval of Parliament.]
• Article 266: provides that ‘no expenditure can be incurred except with the authorisation of the Legislature’ [ie. Expenditure needs the approval of Parliament.]
• Article 112: President shall, in respect of every financial year, cause to be laid before Parliament , Annual Financial Statement.

The Fiscal Responsibility and Budget Management (FRBM) Act was passed by the Indian Parliament in 2003 for better budget management.

The FRBM act also provided for certain documents to be tabled in the Parliament of India, along with Budget, annually with regards to the country’s fiscal policy.

Budget Documents

Do you know that the Annual Financial Statement is only one of the several budget documents presented by the Finance Minister?

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The Budget documents presented to Parliament comprise, besides the Finance Minister’s Budget Speech , the following:

• Annual Financial Statement (AFS) – Article 112
• Demands for Grants (DG) – Article 113
• Appropriation Bill – Artice 114(3)
• Finance Bill – Article 110 (a)
• Memorandum Explaining the Provisions in the Finance Bill.
• Macro-economic framework for the relevant financial year – FRBM Act
• Fiscal Policy Strategy Statement for the financial year –  FRBM Act
• Medium Term Fiscal Policy Statement –  FRBM Act
• Medium Term Expenditure Framework Statement –  FRBM Act
• Expenditure Budget Volume-1
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• Receipts Budget
• Budget at a glance
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• Status of Implementation of Announcements made in Finance Minister’s Budget Speech of the previous financial year.

There are also other related documents like Detailed Demands for Grants, Outcome Budget, Annual Reports and Economic Survey presented along with the budget documents in Parliament.

PS: The documents shown at Serial 1, 2, 3 and 4 are mandated by Art. 112,113, 114(3) and 110(a) of the  Constitution of India respectively, while the documents at Serial 6,7, 8 and 9 are presented as per the provisions of the Fiscal Responsibility and Budget Management Act, 2003. Other documents are in the nature of explanatory statements supporting the mandated documents with narrative or other content in a user-friendly format suited for quick or contextual references. Hindi version of all these documents is also presented to Parliament.

Government Budgeting: Railway Budget Presentation

Do figures related to Railways find mention in Annual Financial Statement or are they part of only Railway budget?

Until 2016 (for 92 years), the budget of the Indian Railways was presented separately to Parliament and dealt with separately. Even then the receipts and expenditure of the Railways formed part of the Consolidated Fund of India and the figures relating to them are included in the ‘Annual Financial Statement’.

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The last Railway Budget was presented on 25 February 2016 by Mr. Suresh Prabhu.

Since 2017, Railway Budget is merged with the Union Budget.

Government Budgeting: Union Budget Presentation

In India, the Budget is presented to Parliament on such date as is fixed by the President.

Between 1999 to 2016, the General Budget was presented at 11 A.M. on the last working day of February.

However, since 2017, the Indian Budget is presented on 1 February. As a convention, Economic Survey is also tabled in the Parliament – one day prior to budget submission, ie on January 31.

Note: In an election year, Budget may be presented twice — first to secure Vote on Account for a few months and later in full.

Vote on Account

The discussion on the Budget begins a few days after its presentation.

If the Parliament is not able to vote the entire budget before the commencement of the new financial year (ie. within 1 month or so), the necessity to keep enough finance at the disposal of Government in order to allow it to run the administration of the country remains. A special provision is, therefore, made for “ Vote on Account ” by which Government obtains the Vote of Parliament for a sum sufficient to incur expenditure on various items for a part of the year.

Normally, the Vote on Account is taken for two months only. But during the election year or when it is anticipated that the main Demands and Appropriation Bill will take a longer time than two months, the Vote on Account may be for a period exceeding two months.

So what exactly is Vote on Account?

Vote on Account is a special provision by which the Government obtains the  Vote of Parliament  for a sum sufficient to incur expenditure on various items for a part of the year, usually two months.

Vote on Account was widely used along with every budget before 2016 when the date of the budget presentation was the last day of February. Now vote on account is used only in special years like the election years (used along with interim budget).

Vote on Account deals only with the expenditure part. But the interim budget, as well as full budget, has both receipt and expenditure side.

So presentation and passing of vote on account is the first stage in the budget passing process. Vote on Account is necessary for the working of the government until the period the full budget is passed.

Budget Speech

The Budget Speech of the Finance Minister is usually in two parts. Part A deals with the general economic survey of the country while Part B relates to taxation proposals.

He makes a speech introducing the Budget and it is only in the concluding part of his speech that the proposals for fresh taxation or for variations in the existing taxes are disclosed by him.

The ‘Annual Financial Statement’ is laid on the Table of Rajya Sabha at the conclusion of the speech of the Finance Minister in Lok Sabha.

Latest Budget

You can read the highlights of Budget 2020-2021 here.

Latest Economic Survey

You can read the highlights of the Economic Survey 2019-2020 here.

In conclusion, the government budget plays a critical role in the economy of any country. It serves as a blueprint for the allocation of resources and guides the government’s spending decisions. A well-designed budget can have a positive impact on economic growth, employment, and social welfare.

Read: Interim Budget 2024

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Budget 2023: How is Union Budget prepared? From initial meetings to President’s approval, all steps explained

The budget-making process begins in august-september and involves a number of steps, including pre-budget meetings and a halwa ceremony. it culminates with the presentation of the budget in the parliament and its approval by the president..

The Government of India presents the Union Budget every year on February 1. The Union Budget is an important document that outlines the government’s fiscal policies, plans and programmes for the upcoming financial year. The budget-making process begins in August-September, almost six months before its presentation date.

It lays out a plan for the government to spend its revenue and allocate funds for various development initiatives and other urgent needs. The process of making a Budget involves a number of steps. Let us understand it one by one.

The finance ministry issues circulars to all ministries, states, union territories, and autonomous entities at the initial stage in the budget-making process. These circulars include skeletal forms as well as the necessary guidelines, which are used by ministries to express their needs and demands.

These ministries disclose their earnings and expenses for the previous year in addition to offering estimates. After receiving requests, top government officials evaluate them and have discussions with ministries and the department of expenditure.

Once the information has been validated, the finance ministry then allocates revenue to numerous divisions for their impending outlays. In the event of any disagreements over the splitting up of money, the finance ministry deliberates with the Union Cabinet or the prime minister.

Other stakeholders including agriculturists, small business proprietors, and foreign institutional investors are also consulted by the department of economic affairs and the department of revenue for further understanding.

The finance ministry also arranges pre-Budget meetings with different stakeholders to gain knowledge of their recommendations and requirements. These participants comprise of state representatives, agriculturists, bankers, economists and trade unions. After considering all requests, it is further discussed with the prime minister prior to confirmation.

A few days before the Budget is announced, the government has an annual tradition of conducting a halwa ceremony. The ceremony heralds the start of Budget document printing. A giant "kadhai" (large frying pot) is used to produce "halwa," which is then fed to the whole workforce of the finance ministry as part of the ceremony.

The presentation of the Budget to the Parliament is the last phase in the budget-making process. On the first day of the Budget session, the finance minister conducts the presentation. The minister summarizes the document's key points and explains the thinking behind the proposals during the presentation.

Following the presentation, the Budget is laid before both houses of Parliament for discussion. Following approval by both houses, the Budget is forwarded to the President for approval.

Formation of a Budget is a long-drawn process involving multiple steps and consultations. Each step is essential to ensure that the public money is used judiciously and allocated appropriately. The importance of this document can never be overlooked as it determines how the government functions and spends its resources to develop the nation.

The fiscal policy is tightened by raising taxes or reducing public spending.

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• Topics ›
• India ›

The Indian Budget 2022/23

The Indian national budget was released on Tuesday, earmarking more funds for transportation and defense, among others, while rolling back pandemic-era food subsidies. In the fall of 2021, Prime Minister Narendra Modi had already announced a major modernization initiative for the country’s rail transport infrastructure, which is now being funded together with provisions for roads and airports, marking the steepest increase among major budget items.

Defense spending in India has been rising quickly in India over the last decades and continues to do so in the upcoming fiscal year. However, interest payments remain the biggest budget item and have also been rising at a fast clip due to pandemic-induced debt growth. Coronavirus-related food subsidies , included in the 2020/21 budget from April onward, were rolled back. While an increase in funds for rural development compared to last year’s budget was lauded, the sum is actually a step down from the 2020/21 provision.

The budget items agriculture and tax administration are also growing. The latter is also up for a modernization push as part of the administration’s “ease of living” initiative, for example trying to reduce the time businesses have to spend doing tax compliance.

Description

This chart shows the largest expenditure items in the Indian national budget for 2022/23 (in billion U.S. dollars).

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What are the five steps of budget formation.

The Union Budget, prepared annually by the Department of Economic Affairs in the Ministry of Finance, serves as a financial plan for the country, outlining estimated earnings and expenditures for the upcoming fiscal year. The budget 2024 process began six months before the budget is scheduled to be presented, with Budget Circulars sent to relevant ministries and departments.

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Home » Economy » Government budgeting » Budgeting process in India

• [The procedure for presentation of the Budget in and its passing by Lok Sabha is as laid down in articles 112—117 of the Constitution of India, Rules 204—221 and 331-E of the Rules of Procedure and Conduct of Business in Lok Sabha and Direction 19-B of Directions by the Speaker.]

  Presentation of Budget

• The Budget is presented to Lok Sabha in two parts, namely, the Railway Budget pertaining to Railway Finance and the General Budget which gives an overall picture of the financial position of the Government of India, excluding the Railways.
• The Budget is presented to Lok Sabha on such day* as the President may direct. Immediately after the presentation of the Budget, the following three statements under the Fiscal Responsibility and Budget Management Act, 2003 are also laid on the Table of Lok Sabha

(i) The Medium-Term Fiscal Policy Statement;

(ii) The Fiscal Policy Strategy Statement; and

(iii) The Macro Economic Framework Statement.

Simultaneously, a copy of the respective Budgets is laid on the Table of Rajya Sabha. In an election year, the Budgets may be presented twice—first to secure a Vote on Account for a few months and later in full.

Distribution of Budget Papers

• In the case of the Railway Budget, the sets are distributed to members from the Publications Counter after the Railway Minister has concluded his speech. The sets of General Budget are distributed to members from several booths in the Inner and Outer Lobbies arranged according to the Division Numbers of members. In case Division Numbers have not been allotted, these booths are arranged State-wise. The budget papers are made available to members after the Finance Minister’s speech is over, the Finance Bill has been introduced and the House has adjourned for the day.

Discussion on the Budget

• No discussion on Budget takes place on the day it is presented to the House. Budgets are discussed in two stages—the General Discussion followed by detailed discussion and voting on the demands for grants.

  Allotment of Time for Discussion

• The whole process of discussion and voting on the demands for grants and the passage of the Appropriation and Finance Bills is to be completed within a specified time. As a result, often the demands for grants relating to all the Ministries/Departments cannot be discussed and demands of some Ministries get guillotined i.e. voted without discussion. The Minister of Parliamentary Affairs, after the presentation of the Budget, holds a meeting of leaders of Parties/ Groups in Lok Sabha for the selection of Ministries/ Departments whose demands for grants might be discussed in the House. On the basis of decisions arrived at this meeting, the Government forwards the proposals for the consideration of the Business Advisory Committee. The Business Advisory Committee after considering the proposals allots time and also recommends the order in which the demands might be discussed. It is generally left to the Government to make any change in the order of discussion.
• After the allotment of time by the Business Advisory Committee, a time table showing the dates on and order in which the demands for grants of various Ministries would be taken up in the House is published in Bulletin-Part II for the information of members

General Discussion on the Budget

• During the General Discussion, the House is at liberty to discuss the Budget as a whole or any question of principles involved therein but no motion can be moved. A general survey of administration is in order. The scope of discussion is confined to an examination of the general scheme and structure of the Budget, whether the items of expenditure ought to be increased or decreased, the policy of taxation as expressed in the Budget and in the speech of the Finance Minister. The Finance Minister or the Railway Minister, as the case may be, has the general right of reply at the end of the discussion.

Consideration of the Demands for Grants by Departmentally Related Standing Committees of Parliament

• With the creation of Departmentally Related Standing Committees of Parliament in 1993, the Demands for Grants of all the Ministries/Departments are required to be considered by these Committees. After the General Discussion on the Budget is over, the House is adjourned for a fixed period. During this period, the Demands for Grants of the Ministries/ Departments are considered by the Committees. These Committees are required to make their reports to the House within specified period without asking for more time and make separate report on the Demands for Grants of each Ministry.

Discussion on Demands for Grants

• The demands for grants are presented to Lok Sabha along with the Annual Financial Statement. These are not generally moved in the House by the Minister concerned. The demands are assumed to have been moved and are proposed from the Chair to save the time of the House. After the reports of the Standing Committees are presented to the House, the House proceeds to the discussion and voting on Demands for Grants, Ministry-wise. The scope of discussion at this stage is confined to a matter which is under the administrative control of the Ministry and to each head of the demand as is put to the vote of the House. It is open to members to disapprove a policy pursued by a particular Ministry or to suggest measure for economy in the administration of that Ministry or to focus attention of the Ministry to specific local grievances. At this stage, cut motions can be moved to reduce any demand for grant but no amendments to a motion seeking to reduce any demand is permissible.

Cut Motions

• The motions to reduce the amounts of demands for grants are called ‘Cut Motions’. The object of a cut motion is to draw the attention of the House to the matter specified therein.
• Cut Motions can be classified into three categories:—

(i) Disapproval of Policy Cut;

(ii) Economy Cut ; and

(iii) Token Cut.

Disapproval of Policy Cut: A cut motion which says “That the amount of the demand be reduced to Re. 1” implies that the mover disapproves of the policy underlying the demand. The member giving notice of such a Cut Motion has to indicate in precise terms the particulars of the policy which he proposes to discuss. Discussion is confined to the specific point or points mentioned in the notice and it is open to the member to advocate an alternative policy.

Economy Cut: Where the object of the motion is to effect economy in the expenditure, the form of the motion is “That the amount of the demand be reduced by Rs…(a specified amount)”. The amount suggested for reduction may be either a lump-sum reduction in the demand or omission or reduction of an item in the demand.

Token Cut: Where the object of the motion is to ventilate a specific grievance within the sphere of responsibility of the Government of India, its form is: “That the amount of the demand be reduced by Rs. 100” . Discussion on such a cut motion is confined to the particular grievance specified in the motion which is within the sphere of responsibility of the Government of India.

• For the facility of members, printed forms for giving notices of cut motions are kept in the Parliamentary Notice Office.

Notice period for tabling Cut Motions

• The notices of cut motions can be tabled after the presentation of Railway/General Budget. 15. The notices of cut motions tabled up to 15.
• 15 hours on a day are printed and circulated before the day the relevant demands for grants to which they relate are to be taken up in the House. The notices tabled after 15.15 hours are deemed to have been tabled on the next working day. These notices are printed and circulated on the next working day if the demands for grants to which they relate have not already been disposed of in the House.
• As cut motions are circulated to members both in English and Hindi simultaneously, the Rules Committee (Fourth Lok Sabha) at its sitting held on 9 March, 1970 decided that members might be requested to table such notices at least two days before the day they are to be taken up in the House.
• Accordingly, members should table the notice of cut motions at least two days before the day the demands for grants to which they relate, are to be taken up in the House, but in any case not later than 15.15 hours on the previous day.
• Admissibility of Cut Motions — A cut motion to be admissible should satisfy the following conditions:—
• It should relate to one demand only.
• It should be clearly expressed and should not contain arguments, inferences, ironical expressions, imputations, epithets and defamatory statements.
•  It should be confined to one specific matter which should be stated in precise terms.
•  It should not reflect on the character or conduct of any person whose conduct can only be challenged on a substantive motion.
• It should not make suggestions for the amendment or repeal of existing laws.
• It should not relate to a State subject or to matters which are not primarily the concern of the Government of India.
• It should not relate to expenditure ‘Charged’ on the Consolidated Fund of India.
• It should not relate to a matter which is under adjudication by a court of law having jurisdiction in any part of India.
• It should not raise a question of privilege.
•  It should not revive discussion on a matter which has been discussed in the same session and on which decision has been taken.
•  It should not anticipate a matter which has been previously appointed for consideration in the same session.
• It should not ordinarily seek to raise discussion on a matter pending before any statutory tribunal or statutory authority performing any judicial or quasi-judicial functions or any commission or court of enquiry appointed to enquire into, or investigate any matter. However, the Speaker may in his discretion allow such matter being raised in the House as is concerned with the procedure or stage of enquiry, if the Speaker is satisfied that it is not likely to prejudice the consideration of such matter by the statutory tribunal, statutory authority, commission or court of enquiry.
•  It should not relate to a trifling matter.

19. The Speaker decides whether a cut motion is or is not admissible and may disallow any cut motion when in his opinion it is an abuse of the right of moving cut motions or is calculated to obstruct or prejudicially affect the procedure of the House or is in contravention of the Rules of Procedure of the House.

20. It is a well-established Parliamentary convention that cut motion seeking to discuss the action of the Speaker or relating to Speaker’s Department or matters under the control of Speaker are not allowed. Likewise, cut motions relating to the office of the Vice- President (who is also ex-officio Chairman of Rajya Sabha) are not admissible. Cut motion relating to matters under consideration of a Parliamentary Committee are not admissible. Cut motions are not admissible if they ventilate personal grievances, or if they cast aspersions on individual Government officials. Cut motions seeking to discuss a matter affecting relations with a friendly foreign country or details of internal administration of an autonomous body are out of order as also those which seek omission of a whole grant.

Token cuts seeking to discuss inadequacy of provision in respect of a particular demand are, however, in order.

Normally members of ruling party do not table cut motions.

  Circulation of Lists of Cut Motions

21. Lists of cut motions to the various demands for grants as admitted by the Speaker are circulated to members generally two days in advance of the date on which the demands for grants in respect of the Ministry are to be taken up in the House for discussion.

Moving of Cut Motions

22. At the commencement of the discussion on the demands for grants in respect of a particular Ministry, members are asked by the Speaker to hand over at the Table, within fifteen minutes, slips indicating the serial numbers of their cut motions that they would like to move. The cut motions thus indicated are only treated as moved. Cut motions cannot be moved at a later stage.

23. Cut motions cannot be moved by proxy. A member should be present in the House to move his cut motions when the relevant demands for grants are taken up

24. On the last of the allotted days for the discussion and voting on demands for grants, at the appointed time the Speaker puts every question necessary to dispose of all the outstanding matters in connection with the demands for grants. This is known as guillotine. The guillotine concludes the discussion on demands for grants.

  Annual Reports, Outcome Budgets and Detailed Demands for Grants of the Ministries

25. In connection with discussion on demands for grants, copies of the Annual Reports and Outcome Budget of the various Ministries and Departments are made available to members through the Publications Counter. Detailed demands for grants in respect of various Ministries/Departments are laid on the Table of Lok Sabha some time before the demands for grants are considered by the Departmentally Related Standing Committees.

Vote on Account

26. As the whole process of Budget beginning with its presentation and ending with discussion and voting of demands for grants and passing of Appropriation Bill and Finance Bill generally goes beyond the current financial year, a provision has been made in the Constitution empowering the Lok Sabha to make any grant in advance through a vote on account to enable the Government to carry on until the voting of demands for grants and the passing of the Appropriation Bill and Finance Bill.

27. Normally, the vote on account is taken for two months for a sum equivalent to one sixth of the estimated expenditure for the entire year under various demands for grants. During an election year, the vote on account may be taken for a longer period say, 3 to 4 months if it is anticipated that the main demands and the Appropriation Bill will take longer than two months to be passed by the House.

28. As a convention vote on account is treated as a formal matter and passed by Lok Sabha without discussion.

29. Vote on account is passed by Lok Sabha after the general discussion on the Budget (General and Railway) is over and before the discussion on demands for grants is taken up.

Supplementary and Excess Demands for Grants

30. If the amount authorised to be expended for a particular service for the current financial year is found to be insufficient for the purpose of that year or when a need has arisen during the current financial year for supplementary or additional expenditure upon some ‘new service’ not contemplated in the Budget for that year the President causes to be laid before both the Houses of Parliament another statement showing the estimated amount of that expenditure.

31. If any money has been spent on any service during a financial year in excess of the amount granted or the service for that year, the President causes to be presented to Lok Sabha a demand for such excess. All cases involving such excesses are brought to the notice of Parliament by the Comptroller and Auditor General through his report on the Appropriation Accounts. The excesses are then examined by the Public Accounts Committee which makes recommendations regarding their regularisation in its report to the House.

32. The Supplementary Demands for Grants are presented to and passed by the House before the end of the financial year while the demands for excess grants are made after the expenditure has actually been incurred and after the financial year to which it relates, has expired.

33. Copies of the Books of Demands for Supplementary or Excess Grants, received from the Ministry of Finance, are made available to members from the Publications Counter after the presentation of such demands

Scope of discussion on Supplementary/Excess Grants

34. The discussion on the Supplementary Demands for Grants is confined to the items constituting the same and no discussion can be raised on the original grants nor on the policy underlying them. In respect of schemes already sanctioned in the main Budget, no discussion on any question of principle or policy is allowed. As regards demands for which no sanction has been obtained, the question of policy has to be confined to the items of expenditure on which the vote of the House is sought. General grievances cannot be ventilated during discussion on a Supplementary Grant. Member can only point out whether the Supplementary Demand is necessary or not.

35. During discussion on Excess Demands for Grants members can point out how money has been spent unnecessarily or that it ought not to have been spent; beyond this there is no scope for general discussion or for ventilation of grievances.

Cut Motions to Supplementary/Excess Demands for Grants

36. The cut motions to Supplementary or Excess Demands for Grants must relate to the subject matter of the Supplementary or Excess Demands. Cut motions which are extraneous to the subject matter of such demands are out of order.

Appropriation Bill

37. After the demands for grants have been passed by the House, a Bill to provide for the appropriation out of the Consolidated Fund of India of all moneys required to meet the grants and the expenditure charged on the Consolidated Fund of India is introduced, considered and passed. The introduction of such Bill cannot be opposed. The scope of discussion is limited to matters of public importance or administrative policy implied in the grants covered by the Bill and which have not already been raised during the discussion on demands for grants. The Speaker may require members desiring to take part in the discussion to give advance intimation of the specific points they intend to raise and may withhold permission for raising such of the points as in his opinion appear to be repetition of the matters discussed on a demand for grant. Such advance intimation must be given before 10.00 hours on the day the Appropriation Bill is to be taken into consideration. No action is taken on intimations received after 10.00 hours.

38. No amendment can be proposed to an Appropriation Bill which will have the effect of varying the amount or altering the destination of any grant so made or of varying the amount of any expenditure charged on the Consolidated Fund of India, and the decision of the Speaker as to whether such an amendment is admissible is final. An amendment to an Appropriation Bill for omission of a demand voted by the House is out of order.

39. In other respects, the procedure in respect of an Appropriation Bill is the same as in respect of other Money Bills.

Finance Bill

40. “Finance Bill” means a Bill ordinarily introduced every year to give effect to the financial proposals of the Government of India for the next following financial year and includes a Bill to give effect to supplementary financial proposals for any period.

41. The Finance Bill is introduced immediately after the presentation of the Budget. The introduction of the Bill cannot be opposed. The Appropriation Bills and Finance Bills may be introduced without prior circulation of copies to members.

41A. The Finance Bill usually contains a declaration under the Provisional Collection of Taxes Act, 1931, by which the declared provisions of the Bill relating to imposition or increase in duties of customs or excise come into force immediately on the expiry of the day on which the Bill is introduced. In view of such provisions and the provision of Act of 1931, the Finance Bill has to be passed by Parliament and assented to by the President before the expiry of the seventy-fifth day after the day on which it was introduced.

42. As the Finance Bill contains taxation proposals, it is considered and passed by the Lok Sabha only after the Demands for Grants have been voted and the total expenditure is known. The scope of discussion on the Finance Bill is vast and members can discuss any action of the Government of India. The whole administration comes under review.

43. The procedure in respect of Finance Bill is the same as in the case of other Money Bills.

  Budgets of Union Territories and States under President’s Rule

44. Budgets of Union territories and States under President’s Rule are also presented to Lok Sabha. The procedure in regard to the Budget of the Union Government is followed in such cases with such variations or modifications, as the Speaker may make.

(Source: Lok Sabha website)

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Who presented the first Indian budget? Who presented the most budgets? Click to know

In 2017, the date of presentation of budget was made to be february 1.

Did you know who presented the first Budget in India? In which year? Who was the first Indian PM to present a Budget? Who has presented the highest number of budgets? Read on to know more.

*Scottish economist James Wilson presented the first Indian Budget 163 years ago in 1860

*After Independence, then Finance Minister RK Shanmukham Chetty presented the first Budget on 26th November 1947

*Usually the Finance Minister presents the Budget but there have been instances of the Prime Minister taking up the role earlier. In 1958, then Prime Minister Jawaharlal Lal Nehru became the first Indian PM to present the Budget after the resignation of then Finance Minister TT Krishnamachari. I

*In 1970, then Prime Minister Indira Gandhi presented the budget when Finance Minister Morarji Desai resigned. In 1987-88, then Prime Minister Rajiv Gandhi presented the budget after then Finance Minister VP Singh resigned.

*Former FM and PM Morarji Desai has presented the highest number of budgets — 10 budgets

*Till 1999, the Union Budget was presented at 5 PM on the last working day of February which was then shifted to 11 AM. In 2017, the date of presentation of Budget was made to be February 1

*The Budget used to be printed at Rashtrapati Bhawan till 1950 when it got leaked. The printing venue was then shifted to a press at Minto Road, New Delhi . In 1980, a Budget printing press was set up at the Finance Ministry inside North Block.

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Indian Budgetary Process

• Post author: The Indian Law
• Post published: July 12, 2021
• Post category: Articles

Introduction

Budget making is not as simple as making mathematical calculations. It is a complex form of scientific process which involves experimenting, analysing, scrutinizing, evaluating and forming a financial roadmap of the country for the ensuing financial year. Budget of a country reflects the intention of the government, its policies, priorities, availability and allocation of resources and the country’s economic condition. The Union Budget of India is referred to as the “Annual Financial Statement” under “Article 112” of the Constitution of India. Formation Of Union Budget mainly involves three steps-:

Preparation Of Budget

Enactment Of Budget

Execution Of Budget

Table of Contents

Historical References

The term ‘budget’ has been derived from the old French word ‘Bougette’ which means “ leather bag or wallet “. This term was first used in 1773, by President Walpole and chancellor of the exchequer in an Annual speech on the nation’s finances.

Reference in Budget can be found In “Kautilya’s Arthashastra”, where he said that chancellor should be the first person to estimate the revenue from each place and spheres of activity under different heads of account and then arrive at a grand total. Total revenue was calculated by adding all the receipts of current year and previous year, if received recently. Outstanding revenues were estimated from work under construction from which revenues will be generated upon completion, unpaid taxes, unrecoverable dues, advances to be paid by officers etc.

The origin of the Modern Budgeting system can be traced back to the Norman Period, where two departments dealt with Finance Treasury and the Exchequer. The treasury received and gave out money on behalf of the Monarch, while the exchequer was responsible for keeping an audit of accounts.

Steps In the Preparation Of Budget

Preparation of the budget requires the following steps. Some of them are as follows-:

Issuance Of Circulars, forms and details

The initial process of Budget making starts in the third quarter of the financial year (August-September) i.e. six months prior to the budget presentation. The Finance Ministry issues skeleton forms to all union ministries, autonomous bodies, states, UTs, departments and other field officers who are tasked to provide details about financial expenditure and receipts for the past, current and next financial year. 

Accumulation Of Data

Data estimates provided by the ground level officers are scrutinized by the top level officers. Upon approval / revisions by top level officers it is sent to concerned ministries for further securitization, where they are thoroughly examined. Finally they are sent to the Finance Ministry who then co-relates these estimates with the current economic States condition such as availability of resources, to determine its feasibility. Accumulation of Data includes estimates of Expenditure, revenue and deficit.

Estimates Of Expenditure

Ministries along with planning commission are required to provide initial estimates of the plan and non planned Expenditure. The planning commission allocates funds for the present plans and programmes and also for the new programmes that will be undertaken. The expenditure secretary consolidates everything and after intensive discussion with financial advisors, estimates of budgets are set forth for the ensuing financial year.

Estimates of Revenue Receipts

After the estimation of Expenditure, revenue assessment is done as to how much money is expected to flow into the government’s treasury. Revenue Receipts are of two types-:

Capital Receipts – It includes repayment of loans given by the government and dividend on investment in PSUs, fees and other services it renders.

Current Receipts – It includes mainly tax revenues, receipts by the way of dividends from public sector units and interest payments on loans given by central government.

Controlling the deficit – Budgetary deficit occurs when the revenue expense increases than revenue income. These deficits are foresighted and if necessary changes are made in the expense to be incurred. Also any deficit in the overall budget can be filled through a revision in tax rates, if feasible.

Budget Composition

After complete analysis and scrutiny, the finance Ministry then allocates revenues to the various administrative ministries and devises new public welfare schemes. Often disputes arise in allocation of resources, in such cases the finance ministry consults with the prime minister or union cabinet and these disputes are settled peacefully. After allocation of resources to future expenditure, the finance ministry along with CBDT(Central Board of Direct Taxes), CBEC (Central Board of Excise and Customs) prepares a report of the estimated revenues to be generated in the ensuing financial year. During this process, various departments of the finance ministry consult various stakeholders, policy makers, economists and the general public such as farmers and small business owners to gain more insight and prepare an efficient budget.

Printing Of Budget

The printing of the Union budget begins with the tradition of ‘halwa ceremony’ which is prepared in a ‘ big kadai’. The finance minister along with all other officials and staff involved in the preparation of the budget eat ‘halwa’ as a sign of achievement. Post completion of the ceremony the printing process begins. During this process, all the officials and staff are confined to the premises of the ministry, isolated from any contact with the outside world, since the details of the budget are confidential before it is tabled in the parliament. 

Enactment of Budget requires following steps. Some of them are as follows-:

Presentation Of Budget

The Union Budget is presented by the Finance Minister In the parliament with a ‘Budget Speech’, highlighting the salient points of the entire budget that may run into thousands of pages. It is presented with a scheduled date, February 1. Earlier the budget was presented into two parts- Railway Budget in Lok Sabha by the railway minister in the third week of February, and General Budget by the Finance Minister. However this 93 year old practice came to an end and the Railway Budget was merged into the Union Budget, this decision was based on the recommendation of the committee chaired by members of Niti Aayog, Bibek Debroy. However during election years, the budget is prepared and presented twice. Firstly, an interim Budget which is an estimate of Expenditure and receipts of the next two-four months is presented. After the election, the final Budget for the rest of fiscal year is presented by the government.  

The first Union Budget of independent India was presented by RK. Shanmukhan Chetty on November 26, 1947.  

General Discussions

The general discussion of a Budget starts a few days after it is presented in the parliament. This discussion takes place in both the Houses of parliament and lasts 3-4 days. During this stage, Lok Sabha can discuss the whole Budget on any questions or principles involved therein, but no cut motion can be moved nor the budget can be submitted to the vote of the house. The finance minister has a general right to reply at the end of the discussion.

Scrutiny by Departmental Committees

After the general discussion on the budget is over, the Houses are adjourned for about three to four weeks. During this gap period, the 24 departmental standing committees of Parliament examine and discuss in detail the demands for grants of the concerned ministers and prepare reports on them. These reports are submitted to both the Houses of Parliament for consideration. The standing committee system established in 1993 (and expanded in 2004) makes parliamentary financial control over ministries much more detailed, close, in-depth and comprehensive.

Voting on Demand For Grants

Article 113  of the Constitution requires -that any proposal or estimate seeking withdrawal of money from the Consolidated Fund of India should be presented to the Lok Sabha in the form of a demand for grants. 

In the light of the reports submitted by the departmental standing committees, the Lok Sabha takes up voting of demands for grants along with the Annual Financial Statement. These demands are presented ministry wise and it becomes a grant after it has been duly voted. However, more than one Demand may be presented for a Ministry or Department depending on the nature of expenditure. Each demand initially gives separately the totals of-

‘voted’ and ‘charged’ expenditure;

 the ‘revenue’ and the ‘capital’ expenditure.

 the grand total on gross basis of the amount of expenditure for which the demand is presented.

The 2020-21 budget estimates for grants and loans to Union Territories have increased by 252% (Rs 52,864 crore) from revised estimates for 2019-20, which was Rs 15,026 crore. Expenditure on these items constitutes 5% of the Ministry’s total budget for 2020-21.

The guillotine is passing the Demand for Grants without discussion. In total, 26 days are allotted for the voting of demands. On the last day the Speaker puts all the remaining demands to vote and disposes of them whether they have been discussed by the members or not. 

Cut Motions

Cut motions are motions for reduction in various demands for grants. Cut motions seek a reduction of an amount of demands of grants on the following grounds: economy, policy cut and token cut. A cut motion, to be admissible, must satisfy the following conditions:

• It should not raise a question of privilege.
• It should not relate to the expenditure charged on the Consolidated Fund of India.
• It should be related to one demand only.
• It should not refer to a matter that is primarily the concern of the Union government.
• It should be clearly evident and should not contain arguments or defamatory statements.
• It should not relate to trivial matters.
• It should not revive discussion on a matter on which a decision has been taken in the same session.
• It should confine to one significant matter.
• It should not relate to a matter that is under adjudication by a court.

Categories of Cut motions

Economy cut

Economy cut motion demands reduction of a specified amount from the demand for Grant representing the welfare of the economy.

According to policy cut motion, the demand for a grant is reduced to Re.1 representing the disapproval of the policy underlying the demand. A member giving such notice should indicate precise terms, the particulars of the policy which he proposes to discuss. It is open to members to advocate alternative policy.

Token cut motion is used to voice a grievance. In token cut, the amount of the Demand for Grant is reduced by Rs.100 in order to express a specific grievance.

Passing Of Appropriation Bill

Since the passing of the budget takes almost 2 months, the Government requires the sanction of an amount to maintain itself for this period. According to Art 116, a special provision called (Vote on Account/Appropriation Bill)  is created by which a vote of parliament is obtained by the government for a sum sufficient enough for 2 months to incur expenditure. During the election year a vote on an account may exceed from 2-4 months expenditure.

Accordingly, an appropriation bill is introduced to provide for the appropriation, out of the Consolidated Fund of India, all money required to meet: (a) The grants voted by the Lok Sabha. (b) The expenditure charged on the Consolidated Fund of India.

The Appropriation Bill becomes the Appropriation Act after it is assented to by the President. This act authorises (or legalises) the payments from the Consolidated Fund of India. However, no amendments can be proposed to the appropriation bill in either house of the Parliament that will have the effect of varying the amount of any grant voted, or of varying the amount of any expenditure charged on the Consolidated Fund of India.

Passing Of Finance Bill

Finance Bill is a money bill that gives effect to the taxation proposals, government expenditure, government borrowings and revenues contained in the Budget and lays down the government’s financial plan. The Finance Bill is introduced in the Lok Sabha immediately after the presentation of the annual budget, as directed by Article 110 (a) of the Constitution of India. It becomes a finance act for the year concerned after it is passed by the Parliament and receives assent of the President. 

While all Money Bills are Financial Bills, all Financial Bills are not Money Bills.  For example, the Finance Bill which only contains provisions related to tax proposals would be a Money Bill.  However, a Bill that contains some provisions related to taxation or expenditure, but also covers other matters would be considered as a Financial Bill.   Only the speaker of Lok Sabha has the power to certify a bill as a money bill provided it fulfills the requirements under Article 110.

Execution of Budget

A budget serves no purpose unless it is enforced. Therefore, once the finance and appropriation bills are passed, the execution process of the Budget starts, that is, revenue and expenditure are regulated according to it. The executive department gets a green signal to collect revenues and start spending money on schemes. Enforcement or execution is the responsibility of the Executive, because grants of money are made by the Legislature to it and it is also the agency authorised to collect the taxes. However, there are three steps required in the process of Execution.

The Revenue Department of the ministry of finance is entrusted with the responsibility of collection of revenue. Various ministries are authorized to draw the necessary amounts and spend them. For this purpose, the Secretary of minister’s acts as the chief accounting authority. The accounts of the various ministers are prepared as per the laid down procedures in this regard. These accounts are audited by the Comptroller and Auditor General of India.

Executive Control over Expenditure

Finance Ministry, as the financial representative and adviser to the Government, sees that any proposed expenditure is as per grants, within the amounts specified, (which are the maxima upto which the executive may spend for the specified purposes), not extravagant, wasteful or improper; before it allows the administrative ministry concerned to proceed with it.

Various Departments under the Finance Ministry exercise control through the techniques of allotment, apportionment and special regulation on certain special blocks of expenditure. Allotment means the division of funds voted by the Legislature into various categories, for different purposes: Vote or grant, major head, minor head, subhead and detailed subheads. Financial codes and rules define the procedure and powers of spending agencies and their officers for spending funds, diverting funds, reappropriation, reporting and accounting.

Tax Administration and Collection

It involves two kinds of operations  

Assessment of the revenue-   Assessment involves translation of the tax policy authorised by the Legislature into action. Machinery to administer involves rules of procedure, listing of persons liable to pay tax, determining how much each has to pay, including questions about its correctness and fairness, prevention of evasion, investigations, follow up for realisation of arrears and defaults etc.

Collection of the revenue- Physical collection is through demands on the spot (e.g., Customs duty), bills sent to assessees Income Tax Demand Notice), deductions at sources (e.g., Income Tax of salaried employees), through officials/agents in the field (land revenue), through auctions to the highest bidder (e.g., license fees).

Custody of Funds

After the collection and allocation of revenues and expenditure, there is a need for the custody of the funds. This operation has to be organised on two main considerations:

• Safety to avoid all possibilities of embezzlement and misappropriation.
• To  ensure convenience and promptness in money transactions. 

There are 300 Treasuries and 1200 Sub-treasuries for receiving money on account of the Government and for making payments. The Reserve Bank of India and (where there is no branch or agency of the Reserve Bank) the State Bank of India, also conduct the Treasury business of the Government.

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Budget in Parliament: Full Procedure of Passing Budget

The budget or annual financial statement is presented every year by the finance minister of the country. article 112 of the constitution envisages to laid down the annual budget in the parliament..

The General Budget gives an overall picture of the financial position of the Government of India.

The Railway Budget was separated from the General Budget in 1921 on the recommendations of the Acworth Committee but now Railway Budget is merged with the Union Budget in 2016.

The estimates of expenditure embodied in the annual financial statement shall show separately

(A) The sums required to meet expenditure charged upon the Consolidated Fund of India.

(B) The sums required to meet other expenditure proposed to be made from the Consolidated Fund of India.

The following expenditure shall be expenditure charged upon the Consolidated Fund of India

1. Emoluments and allowances of the President and other expenditure relating to his office

2 . Salaries and allowances of the Chairman and the Deputy Chairman of the Rajya Sabha and the Speaker and the Deputy Speaker of the Lok Sabha

3. The debt charges for which the Government of India is liable including interest, sinking fund charges and redemption charges, and other expenditure relating to the raising of loans and the service and redemption of debt

4. Salaries, allowances, and pensions of the Judges of the Supreme Court

5. Pensions of the Judges of any High Court

6 . Salary, allowances, and pension of the Comptroller and Auditor General of India

7. Salary, allowances, and pension of the chairman and members of the Union Public Service Commission

8 . Administrative expenses of the Supreme Court, the office of the Comptroller and Auditor General of India and the Union Public Service Commission

9. Any sums required to satisfy any judgment, decree or award of any court or arbitral tribunal

10. Any other expenditure declared by this Constitution or by Parliament by law to be so charged

Enactment of budget

Below mentioned are the stages through which the budget goes through in the parliament.

1. Presentation of budget

2 . General discussion

3. Scrutiny by departmental committees

4 . Voting on demands of grants

5 . Passing of the appropriation bill

6. Passing of finance bill

1. Presentation of Budget

Both the Railway Budget and the General Budget are presented in the Lok Sabha. Both these budgets follow the same procedure. The railway budget is presented before the general budget in the Lok Sabha. Usually, the former is presented in the third week and latter on the last day of February. In an election year, the budgets may be presented twice—first to secure a vote on account for a few months and later in full. The railway minister presents the railway budget and the finance minister presents the general budget.

After the budget speech by the finance minister, the budget is laid before the Rajya Sabha, which can discuss it but has no power to vote on the demands for grants. Immediately after the presentation of the Budget, the following three statements under the Fiscal Responsibility and Budget Management Act, 2003 are also laid on the Table of Lok Sabha:-

 (i) The Medium-Term Fiscal Policy Statement;

(ii) The Fiscal Policy Strategy Statement; and

(iii ) The Macro-Economic Framework Statement

2. General Discussion

After a few days of the budget presentation, general discussion starts which usually, lasts for three to four days. The House can discuss the budget as a whole or any question of principles involved but no motion can be moved at this stage. The scope of discussion is confined to an examination of the general scheme and structure of the budget. The finance minister or the railway minister (as the case may be) has the general right of reply at the end of the discussion.

3. Scrutiny by Departmental Committees

After the general discussion on the budget is over, the House is adjourned for a fixed period. During this period, the demands for grants of the ministries/ departments are examined and discussed by the 24 departmental standing committees. These committees prepare their reports and submit to both the Houses of the parliament.  These committees prepare separate report on the demands for grants of each ministry.

4. Voting on Demands of Grants 

After the reports of the Standing Committees are presented to the House, the House proceeds to the discussion and voting on demands for grants. The demands for grants are presented to the Lok Sabha ministry-wise and are voted upon, after which they become grants. Only the members of Lok Sabha vote on demands for grants. However, the budget is discussed in both the Houses.

Voting is not done on those matters which are related to the expenditure charged upon the Consolidated Fund of India. The members, at this stage, can discuss the budget in details and also move motions to reduce any demand of grant. This motion is called cut motion. Cut motions are of three types:

(i) Disapproval of Policy Cut Motion: The motion states that the amount of the demand be reduced to Re. 1 which means that the mover disapproves of the policy underlying the demand. The member giving notice of such a Cut Motion has to indicate in precise terms the particulars of the policy which he proposes to discuss. Discussion is confined to the specific point or points mentioned in the notice. The mover can advocate for an alternative policy.

(ii) Economy Cut Motion: The motion states that the amount of the demand be reduced by a particular amount. The motion represents the effect of proposed expenditure on the economy. The amount suggested for reduction may be either a lump-sum reduction in the demand or omission or reduction of an item in the demand.

(iii) Token Cut Motion:   The objective of the motion is to ventilate a specific grievance within the sphere of responsibility of the government. It states that the amount of the demand be reduced by Rs. 100. Discussion on such a cut motion is confined to the particular grievance specified in the motion which is within the sphere of responsibility of the government of India.

A cut motion to be admissible should satisfy the following conditions:

i. It should relate to one demand only.

ii. It should be clearly expressed and should not contain arguments, inferences, ironical expressions, imputations, epithets and defamatory statements

iii. It should be confined to one specific matter which should be stated in precise terms.

iv. It should not make suggestions for the amendment or repeal of existing laws.

v. It should not relate to a State subject or to matters which are not primarily the concern of the Government of India.

vi. It should not relate to expenditure ‘Charged’ on the Consolidated Fund of India.

vii. It should not relate to a matter which is under adjudication by a court of law having jurisdiction in any part of India.

viii. It should not raise a question of privilege.

ix. It should not revive discussion on a matter which has been discussed in the same session and on which decision has been taken.

x. It should not relate to a trivial matter.

As the government enjoys majority in the Lok Sabha, so they are rarely passed. If such a motion is passed in the Lok Sabha, it may lead to the resignation of the government for want of majority.

On the last of the allotted days for the discussion and voting on demands for grants, the Speaker puts every question necessary to dispose of all the outstanding matters in connection with the demands for grants. This is known as the guillotine. The guillotine concludes the discussion on demands for grants.

5. Appropriation Bill

After the demands for grants have been passed by the House, an appropriation bill is introduced  for the appropriation out of the Consolidated Fund of India, all money required:

(i). To meet the grants passed by the Lok Sabha

(ii). The expenditure charged on the Consolidated Fund of India

No amendment can be proposed to an Appropriation Bill which will have the effect of varying the amount or altering the destination of any grant so made or of varying the amount of any expenditure charged on the Consolidated Fund of India. The decision of the Speaker as to whether such an amendment is admissible is final.

The appropriation bill becomes an act after it receives assent from the president. Until that time, the government cannot take out money from the Consolidated Fund of India. As the process takes some time, usually till the end of April, the constitution provides for a provision called the ‘vote on account’.

The constitution allows the government to take any grant in advance according to the estimated expenditure for that part of the year. Usually, it is granted for two months which is equivalent to one-sixth of the total expenditure.

6. Passing of the Finance Bill

The finance bill is introduced every year to give effect to the financial proposals of the Government of India for the next following financial year. The procedure in respect of the finance bill is the same as in the case of other money bills.

The finance bill is introduced immediately after the presentation of the budget. The introduction of the bill cannot be opposed. According to the Provisional Collection of Taxes Act, 1931, the finance bill has to be passed by parliament and assented to by the president before the expiry of the seventy-fifth day after the day on which it was introduced.

As the finance bill contains taxation proposals, it is considered and passed by the Lok Sabha only after the demands for grants have been voted and the total expenditure is known. The Finance Act completes the process of the enactment of the budget.

Union Budget of India: Definition and different types

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