Union Budget 2024-25 | In News | MCC IAS Academy

Union Budget
Under article 112 clause 1 of the constitution, the president of India at every financial year causes to lay before the two houses of parliament an annual financial statement which contains the estimated receipts and expenditure of the government of India for that financial year.
According to the Lok sabha rules the annual financial statement is also called as the Budget. However the constitution does not mention the term budget.
Various aspects of the state machinery is involved in the making and enactment of the budget. These aspects can be categorized under the executive aspects, timing of the budget, legislative aspects, documentative aspects, economic aspects and post budgetary control.
This series will take you through every aspect involved in the enactment of the union budget and this video is about the executive aspects of the Budgeting process.
Budget Preparation
As per the powers granted under article 77 clause 3 of the constitution, the president made the government of india allocation of business rules and the government of india transaction of business rules.
Under the allocation of business rules, the president delegates the work of budget preparation to the department of economic affairs under the ministry of finance.
As per the manual of parliamentary procedures, the ministry of finance on every January calls upon all ministries or departments to provide suitable materials for budget speech of the finance minister.
The manual is not mandated or provided for in the constitution but is compilation made by ministry of parliamentary affairs for efficiency in parliamentary proceeding. It is based on the lok sabha and rajya sabha rules, the directions by the speaker, ‘Government & Parliament’ Procedure to be followed by Ministries in connection with Parliamentary work, issued by the Lok Sabha Secretariat and a Memorandum on the preparation and passing of Bills, issued by the Ministry of Law and Justice
The preparation of budget is completed approximately 5 to 7 days before presentation of budget. The completion is marked by a halwa ceremony where the finance minister serves halwa to those staffs involved in preparation of budget. The ceremony also marks the beginning of the lock in period during which the top officials isolate themselves within the ministry premises to maintain the confidentiality of the final budget document.
Since the article 113 clause 3 mandates that no demand for grant can be made except on the recommendation of the president, the finance minister submits the budget to the president as directed in the transaction of business rules after its preparation is completed.
Budget presentation
As per the powers granted under article 118 clause 1, each house of the parliament may make rules for regulating their procedure and the conduct of business and as per the Lok Sabha rules, the President directs the finance minister to present the budget to the Parliament.
The budget session starts on January 31 every year post 2017. Since this is the first session of the year, the president addresses the parliament as mandated in article 87 clause 1. The president addresses the parliament in a joint sitting. The address reviews the important happenings during the preceding year and also gives broad indication of the government’s policies and programmes for the current year.
After the president’s address, the joint sitting is disbanded and each house starts their discussion on the president’s address via a motion of thanks that is moved in each house by a member and seconded by another member. After discussion the motion of thanks is put to vote in both the houses. Failure to pass the motion of thanks in the Lok Sabha can pave for no confidence motion but does not directly lead to the removal of the government.
On February 1, the Finance minister presents the budget in the parliament. Since 2021, the budget is present in a digital format. The finance minister uses a 10th generation Apple iPad for presentation of the budget. The iPad is brought to the parliament by casing it in a red bahi khata AKA cloth ledger which has been the tradition since 2019.
The finance minister delivers the budget speech only in the Lok Sabha. Once the budget speech is completed, the budget is tabled in Rajya Sabha.
No discussion takes place in either house on the day the budget is presented. The Ministry of parliamentary affairs after consultation with the ministry of finance fixes the dates for general discussion of the budget which takes us to the next aspect of budgeting process, the legislative aspect which will be discussed in the upcoming videos.
Thank you for watching.
Video & Content- Mr. Venkatesan S.
Narration- Ms. J. Simra
Audio & Editing- Mr. Adarsh Jacob

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