Union Budget 2022: How long does it take to make a final budget? Take a look!

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#NewDelhi: Every year on the day of the budget session, the finance minister enters the parliament with a bundle of red wrapped paper. It takes about a month to present the budget where the details of income and expenditure of a financial year are given. The question that comes to mind is, how long will it take to create a budget that takes so long to present?

How the budget is prepared each year is discussed in detail below.

Issuing circulars and discussions

Everyone knows that the Union Ministry of Finance prepares the budget. The Department of Economic Affairs under this Ministry starts the process of preparing the central budget for the next financial year in August-September every year.

This department, which is in charge in the last week of August or early September, sends a budget circular to the departments concerned with the budget. This circular contains budget guidelines.

The field officers attached to various ministries and departments were then asked to send this circular and provide an account of all current and one year expenditure. It was also directed to mention the details of financial requirements of the concerned departments in the coming year.

After receiving information from various ministries, high-ranking officials monitored all the information in accordance with the guidelines given by the government. The information is amended and corrected as required and the information is approved and sent back to the concerned ministries. Ministries then verify the approved information and send it to the Ministry of Finance.

Ministries and government departments hold discussions and meetings with the Ministry of Finance and the Policy Commission on their requirements.

Read more: Price reduction starting from tax exemption! What will be the surprises in the budget for the housing sector?

At the end of all meetings and discussions, the Ministry of Finance allocates funds for each ministry. In addition, several new public welfare schemes were launched for the citizens.

The final budget draft is sent to the Prime Minister and all issues are discussed. After getting the approval of the Prime Minister, the budget is sent to the next step.

Read more: What are the eligibility criteria of the applicant for DDA housing scheme ….

The process of printing the budget started with the ‘Halwa’ program as per the custom in the North Block of Delhi. Note that the budget for the 2021 Kovid restrictions has not been printed. The finance minister started the budget session with a tablet device in his hand.

At the last stage, on the appointed day, the Finance Minister presented the budget in Parliament. This year, Nirmala Sitharaman will start the budget session on February 1.

First published:

Tags: Nirmala Sitharaman, Union Budget 2022

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