Budget 2020: The Union Budget 2020 will be presented today by Finance Minister Nirmala Sitharaman. The minister has been making headlines for weeks now for holding consultation meetings with various stakeholders ahead of Budget 2020. The minister as well as Prime Minister Narendra Modi also took to social media to urge netizens to send in their ideas and suggestions for the Union Budget.
The customary 'halwa ceremony' took place on January 20 ahead of the printing of the Budget 2020. But do you know how the Union Budget is prepared?
The budget is a complex consultative process that involves the Ministry of Finance and other ministries, apart from Niti Aayog. The Budget Division of the Department of Economic Affairs in the Ministry of Finance responsible for producing the Union Budget issues a circular to all the Union ministries, states, Union Territories , defence forces, autonomous bodies and departments to prepare the estimates for the coming year as well as to send in the revised estimates of the past year. The circular is issued in September, which is when the entire process starts.
Once the estimates are sent in by the ministries and the various departments, extensive consultations are held between them and the finance ministry's Department of Expenditure.
FULL COVERAGE:Union Budget 2020
Meanwhile, the Department of Economic Affairs and Department of Revenue also meet various stakeholders including businessmen, economists, and farmers.
After the conclusion of the consultations, the Finance Minister decides on the tax proposals, which are then discussed with the Prime Minister. Once the Prime Minister approves, the Budget is prepared for printing.
The printing process starts off with the 'halwa ceremony'. After the halwa is served, the officials and support staff directly associated with the Budget making and printing process are required to stay in the ministry. They remain cut off from their families till the presentation of the Budget in the Lok Sabha.
The Secretary General of the Lok Sabha Secretariat seeks the President's approval for the presentation of the Budget. Once the Budget is presented at the Lok Sabha, the Finance Minister briefs the cabinet about the Budget proposal. The Budget is then tabled at the Parliament.