SSC
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Finance Minister of India; Lok Sabha
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Prime Minister of India; Rajya Sabha
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Cabinet Secretary; Both Lok Sabha and Rajya Sabha
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President of India; in joint session of Parliament
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Detailed explanation-1: -The General Budget is presented in Lok Sabha by the Minister of Finance, who makes a speech introducing the Budget and it is only in the concluding part of the speech that the proposals for fresh taxation or for variations in the existing taxes are disclosed.
Detailed explanation-2: -Finance Minister has to be from the Lok Sabha to present the budget in the house.
Detailed explanation-3: -The Financial Year commences in India on 1st April each year. The statement embodies the estimated receipts and expenditure of the Government of India for the Financial Year. The estimates of expenditure included in the Budget and required to be voted by Lok Sabha are in the form of Demands for Grants.
Detailed explanation-4: -Union budget is also known as financial budget of the nation. It is presented in the Parliament at the end of the financial year by the Union Finance Minister.