ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The budget manual is usually developed and revised by a budget committee.

Detailed explanation-2: -1.2. 1 Budget preparation in India is an iterative process between the Ministry of Finance and line Ministries/Departments. 1.2. 2 The process commences with the Budget Division in the Ministry of Finance issuing the ‘Budget Circular’ detailing instructions for preparing estimates.

Detailed explanation-3: -Budget Manual is a compendium of general provisions and procedures relating to Budget making to be followed by all offices in the State Government who are involved in the budgeting exercise and dealing with matters relating to Budget as well as management and control of expenditure.

Detailed explanation-4: -The Indian Union Budget is prepared by the Ministry of Finance in consultation with Niti Aayog and other concerned ministries. Also, the Budget division of the department of economic affairs (DEA) in the finance ministry is the nodal body responsible for producing the Budget.

Detailed explanation-5: -The budget committee usually develops the master budget for each year, guided by the budget director, who is usually the controller of the company. They usually plan the operating budgets first since the information from the operating budgets is needed for the financial budgets.