Budgetary process in Parliament

The Budget is presented to the Lok Sabha on such day as the President directs

July 10, 2014 10:58 IST | India Infoline News Service
Budget is a powerful policy instrument in the hands of the Government to regulate and reshape country's fiscal and economic priorities. Budget is not only a device to bring about macroeconomic stabilization, but s also a mechanism for achieving developmental goals of acce erating growth, reduction of poverty and generation of employment. It spells out the broad economic and financial objectives of the Government and its commitment towards progress, prosperity and welfare of the people.

As per Article 112 (1) of the Constitution, the Budget or the Annual Financial Statement containing the estimated receipts and expenditure of the Government of India in respect of a financial year is caused to be laid by the President before both the Houses of Parliament. Preparation and presentaton of the Budget for the approval of the Parliament is, therefore, a constitutional obligation of the Government of India. Without the approvalof the Parliament, no money can be withdrawn by the Government from the Consolidated Fund of India. Thus, the Parliament has effect ve control over the financial matters of the country.

Presentation of the Budget

The Budget is presented to the Lok Sabha on such day as the President directs. About a fortnight before the commencement of the Budget Session, the Government forwards to the Lok Sabha Secretariat a provisionalprogramme of dates for the financial business during the Budget Session,including the dates of presentation of the Railway and the GeneralBudgets. After the Speaker has approved the dates of presentation of the Budgets, the approvalof the President is sought by the Secretary-General Lok Sabha. Once the President approves these dates, a paragraph to this effect is pubished in the Bulletin Part II for information of the members.

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