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Union Budget

What is Union Budget of India?

The Union Budget of India contains a list of financial proposals and estimates and is generally referred to as the ‘Annual Financial Statement’ under Article 112 of the Constitution of India.

Who Prepares the Budget and the Steps Involved?

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.

Importance of a Union 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.