Union Budget 2023: How is the Union budget prepared, know the process and teams involved
Soon, the 2023–2024 budget will be made public. The budget will be presented on February 1 by Finance Minister Nirmala Sitharaman. Since the general elections, which will take place in the middle of 2024, are the last full budget of the current administration, the Union Budget 2023 is particularly noteworthy. The Economic Survey will be presented to both Houses on the first day of the budget session. But do you know how the Union budget is made? Let’s take a look at the process.
Process for preparing the Union budget
Estimate creation and examination
The first step in creating a budget is for the Finance Ministry to send out a circular to all the ministries, states, Union territories, and autonomous organizations requesting them to create estimates for the upcoming year. The ideas are carefully examined by the highest-ranking members of the administration after being delivered to the revenue secretary. The Department of Expenditures and various ministries hold extensive consultations to carefully review every aspect of these plans. Once it has been accepted, the information is submitted to the finance ministry.
Pre-Budget discussions
To calculate the overall budget deficit, the finance ministry reviews the data and compares revenue and expenditure projections. After considering all suggestions, the finance minister decides how much money will be given to each department to cover impending expenses. After considering all suggestions, the finance minister decides how much money will be given to each department to cover impending expenses. Following the conclusion of pre-Budget discussions, the finance minister consults extensively with the prime minister before making the final decision regarding the requests of various stakeholders.
Halwa Ceremony
The Halwa Ceremony is the final step. The printing of the budget paper started at the same time as the Halwa ceremony. Additionally, it recognizes the contributions made by all staff members who participated in the budget-making process.
