Who will present Interim Budget 2024, and how is it prepared?
It is slated to be an interim budget since the Lok Sabha elections are scheduled for early next year.
The budget-making process usually begins in September, over six months before the date of presentation. Making a budget is a time-taking process that entails numerous steps and consultations.
Have you ever pondered the intricate process of crafting the budget? Comprising a multitude of financial proposals, its creation is no small undertaking.
Similar to the adage that Rome wasn't built in a day, the Union Budget of India doesn't come to fruition in a matter of days. Rather, it involves extensive months of meticulous planning, consultations, and compilation efforts to culminate in the final draft.
Let's delve into the collaborative endeavors of various branches of the Government dedicated to shaping the Union Budget.
Issue of circular
Budget is a collaborative effort involving various government entities, with the Budget Division of the Department of Economic Affairs in the Ministry of Finance spearheading the process. It entails the issuance of budget-related circulars by the Finance Ministry to a range of entities, including States and Union Territories, Union Ministries, Defence forces, Government departments, and Autonomous bodies asking them to prepare estimates for the coming year.
These entities play a crucial role in the budgetary process by preparing financial estimates for their upcoming year's spending and revenue, along with providing revised estimates from the previous year.
