Union Budget 2024: A Step-by-Step Guide to its Formation

Union Budget 2024-25

The Budget for the fiscal year 2024-25 will be presented by Finance Minister Nirmala Sitharaman on February 1.

Initial process Of Budget

The Budget preparation process for the next financial year starts in August-September when the Finance Ministry sends out directives to all government departments for their budget projections.

Expenditure Budget

Based on inputs from the government departments, the Finance Ministry prepares a consolidated Expenditure Budget for the year ahead.

Revenue Budget

The Revenue Budget estimates the governments revenue from various sources like taxes, duties, earnings from PSUs etc. for the coming year.

Economic Survey

The Economic Survey is prepared to review the economys performance in the past year and outline prospects ahead.

consultations

The Finance Minister holds consultations with various stakeholders like industry experts, economists etc. before finalising budget proposals.

Budget in Parliament

The Cabinet approves the Budget before it is presented in Parliament by the Finance Minister on February 1.

Budget Speech

The Budget Speech outlines key highlights of income, expenditure, reform measures, sectoral allocations and new schemes.

Vote in Lok Sabha

After discussion, the Budget is put to vote in Lok Sabha. Following passage, Budget proposals come into effect post Presidents assent.

What is Union Budget?

The Budget aims to maintain a balance between income, expenditure and fiscal deficit while steering the economy and promoting welfare.