Union Budget 2023-24: All you need to know about process involved in making of Budget
Process of making of Budget
The Union Finance Ministry creates the yearly budget each year after consulting with a number of other ministries including the think tank Niti Aayog. Even the budget preparation process, which gets started months before it is presented to Parliament, goes through a number of stages like planning, implementation, and consultations. Continue reading to know about the process
Budget circular
All ministries, states, UTs, and autonomous entities receive a circular from the finance ministry requesting estimates for the upcoming fiscal year. This circular includes the necessary instructions and skeleton forms depending on the needs made by the various ministries. In addition to projections, the states, UTs, and union ministries provide specifics about their receipts and outlays from the preceding year.