Finance Minister presents the annual Union Budget in the Parliament generally on the last working day of February. The Budget is the most extensive account of the Government finances, in which revenues from all sources and expenses of all activities undertaken are aggregated.
Budget documents are not just numbers. Scrutinising them, one can understand the intention of the government, its priorities, policies and allocation of financial resources, among different regions & industriesâ€”which create a sea change in the lives of the people affected by it, Rajkumar Adukia stresses
Revised Estimates are mid-year review of possible expenditure, taking into account the trend of expenditure, New Services and New Instrument of Services etc. Revised Estimates are not voted by the Parliament, and hence by itself do not provide a35ny authority for expenditure.
The Indian Union Budget is prepared by the Ministry of Finance in consultation with Niti Aayog and other concerned ministries. Also, the Budget division of the department of economic affairs (DEA) in the finance ministry is the nodal body responsible for producing the Budget.
The term Union Budget came to the fore because India is the Union of States. The Constitution of India has established the federal form of Government in India. Therefore, it is called the Union of States.