Step 1 – Create a budget
Budgeting for the world’s second most populous country with a large size is not easy at all. The preparation process for making this budget usually starts from August, September of a year. A lot of planning is required for this. The steps to prepare this budget were taken only after discussions with NITI Aayog and other concerned ministries. The Finance Ministry prepares the budget based on government policies and priorities. (Image courtesy -Pixabay)
Second step- budget presentation
After preparing the budget comes the matter of presenting it. According to the general rule, the Finance Minister presents the budget in the Lok Sabha. After that the budget was discussed and debated. After discussion, the budget proposal has to be passed by both houses of Parliament. In this case it is first passed in the Lok Sabha and then sent to the Rajya Sabha, the upper house of the Parliament. (Photo courtesy – @FinMinIndia)
Step Three – Allocate Money
The next step is to allocate funds for the budget. How much money will be spent on the development of any sector? Fund allocation is planned for this phase. This step comes only after the budget is passed. The Ministry of Finance has to allocate money to various departments and sectors according to the needs of education, health, infrastructure, agriculture.
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Step Four – Implementation of the budget
After the budget is prepared and passed, it is a matter of implementation. It is a huge undertaking. Because the budget promises for development in different sectors of the country. Keeping that promise requires a series of steps and plans. These include the allocation of funds to various departments and agencies, and the implementation of tax changes and other fiscal measures. (Photo courtesy – @FinMinIndia)
Why is budget 2023 important?
After Corona, the situation has become somewhat normal. The economy is starting to move again. In such a situation, several circles are looking at the budget 2023-24. No income tax relief was offered in the Budget last time for the working middle class. As a result, they have hope this time. Besides, the price of fertilizers in agriculture is high. The agricultural community wants to get rid of these high prices.