Question
Write the short note : Budget

Answer

  • Budget is the annual financial Statement of the Union State Government.
  • With the prior-consent of the President, the Annual Budget of the Union Government is presented by the Finance Minister before the Lok Sabha.
  • it contains the estimated details of the annual income and expenditure of the Union Government.
  • It consists of the ‘Demand for Grants’ of the departments of the Government of India.
  • The Lok Sabha can pass the Budget or reject it. It cannot increase the provisions but may Suggest reduction by ‘Cut Motion.
  • After the Budget is passed by the Lok Sabha, it is sent to the Rajya Sabha for its consideration. The Rajya Sabha is expected to return the Same, with or without suggestions, within a period of fourteen days.
  • In case the Lok Sabha does not pass the budget the Union Council of Ministers is required to resign.

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