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BUDGET BASICS

1. What is a Budget ?

Budget is Estimate of inflows and outflows of the Government during a year. Budget is presented for the ensuing Financial year.

2. What does Budget consist of?

Every budget consist of Actual figures for preceding years, Budget and revised figures for the current year, Budget estimates for the following years

So the Budget presented in March 2001 will be estimate of Inflows and outflows of the Funds for the period beginning from 1st April 2001 to 31st March 2002.

3. When is Budget presented?

Budget is to be presented in Lok Sabha on a day as the President directs. By convention, the Budget is presented in Parliament on the last working day of February.

4. Who draws the timetable for Budget?

Timetable is drawn by the Business Advisory Committee (BAC) of Parliament. In the schedule drawn up by the BAC, there is a fixed period of discussion for each ministry.

5. Who has the responsibility for Budget?

Budget Division in the Finance Ministry has the overall responsibility. It prepares the budget on basis of proposal received from various departments and ministries and the availability of funds. However, final approval is from the Prime Minister.

6. What if Budget is not approved by 1st April?

The Constitution empowers Lok Sabha to grant a Vote-on-Account (Article 116) so that the government can continue with the necessary expenditure into the new fiscal, before the Budget proposals actually get passed after necessary discussions. The vote-on-account normally covers the expenditure requirement of the government for two months.


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