Budget 2023: Who Will Present Budget 2023, And How Is It Prepared?
Budget 2023: Who Will Present Budget 2023, And How Is It Prepared?
The Union Budget is prepared by following a well-defined process that involves consultation, planning, and implementation.
The ministry of finance prepares the budget in consultation with Niti Aayog and other concerned ministries.
Nirmala Sitharaman will present her fifth straight Union Budget for fiscal year 2023-24.
Here's all you need to know about the budget making process:
Issue of circular to all ministriesAs a first step towards the budget-making process,
the Finance Ministry issues a circular to all the ministries, states, Union territories, and autonomous bodies asking them to prepare estimates for the coming year.
To maintain the secrecy of the Budget, there is a "Lock-in" of the officials involved in making the Budget.
Budget Press, situated inside North Block, houses all officials in the period leading up to the presentation of the Union Budget.
Budget presentationFinally, the Union Budget is presented in the Lok Sabha by the Finance Minister.