The process of compiling and presenting India’s budget document is a detailed and extensive procedure. While the Finance Minister will present the Union Budget 2024 in the Parliament on February 1, the preparations for the document began in H2 2023.
The budget file contains 14 crucial documents that hold the Annual Finance Statement, Demand for Grants, and the Finance Bill. These documents are accompanied by explanatory statements.
Preparations start six months in advance
Typically, by August or September of the previous year, a Budget Circular is released by the Ministry of Finance. This marks the beginning of data collection and preparation for the upcoming fiscal year.Meanwhile, ministries commence compiling reports on their present fiscal expenditures and outline plans for the upcoming year, specifying details about schemes, programs, and expenditures.
This follows several meetings between ministries and departments of Expenditure and Economic Affairs, to arrive at preliminary es
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