Nirmala Sitharaman to present Budget 2020 tomorrow: From preparation to presentation and tweaks in age-old practices; all you need to know
Union finance minister Nirmala Sitharaman will present Budget 2020 on Saturday. According to Article 112 of the Constitution of India, the Union Budget is the annual financial statement of the estimated receipts and expenditure of the Central government for that particular financial year. They pertain to various categories: Annual Financial Statement, Demand for Grants, Appropriation Bill, Finance Bill, Macro-economic framework for the relevant financial year, Medium-Term fiscal policy and a strategy statement, Expenditure Profile, Expenditure Budget, Receipts Budget. The statements mandated under FRBM Act namely Macro-Economic Framework Statement, Fiscal Policy Strategy Statement and Medium Term Fiscal Policy Statement are presented as per the provisions of the Fiscal Responsibility and Budget Management Act, 2003. Who prepares the Budget A lot of discussions and consultations are held with the finance ministry, NITI Aayog and other spending ministries while preparing the Union Budget. Since 2017, the Budget of the Ministry of Railways and the Demands for Grants relating to railway expenditure are presented in Parliament together with the Union Budget from the financial year 2017-18 onwards.
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