ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The president submits a budget to Congress by the first Monday in February every year. The budget contains estimates of federal government income and spending for the upcoming fiscal year and also recommends funding levels for the federal government.

Detailed explanation-2: -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-3: -The first budget of India was submitted on 18 February 1860 by James Wilson. P C Mahalanobis is known as the father of Indian budget.

Detailed explanation-4: -It is presented by means of the Finance bill and the Appropriation bill has to be passed by Lok Sabha before it can come into effect on 1 April, the start of India’s financial year. An interim budget is not the same as a ‘Vote on Account’.

Detailed explanation-5: -Total Expenditure: The government is estimated to spend Rs 39, 44, 909 crore during 2022-23. This is an increase of 4.6% over the revised estimate of 2021-22.