Union Finance Minister Nirmala Sitharaman will be presenting the Union Budget in Parliament on February 1. The Union budget is a financial statement that covers all the revenues and expenditures estimated for the coming financial year.
Sitharaman had first presented the budget in 2019. Once the budget is presented, the ‘Annual Financial Statement’ is laid on the Table of Rajya Sabha at the conclusion of the speech of the Finance Minister in Lok Sabha.
A day after the presentation of the Budget, a general discussion takes place. The discussion is just a general inspection of the budget, limited to an examination of the general scheme and structure.
Following the discussion, the House is adjourned for a fixed period. During this period, the Departmentally Related Standing Committees examine the demands for grants of the ministries/ departments. They then prepare their reports and submit to both the Houses of the parliament.
The House then proceeds to the discussion and voting on demands for grants. While the budget is discussed in both the Houses, only the members of Lok Sabha vote on demands for grants.
An appropriation bill is introduced for the appropriation out of the Consolidated Fund of India after the demands for grants are passed. The appropriation bill becomes an act after it receives assent from the president and until then, the government cannot take out money from the Consolidated Fund of India.
The Finance Bill is to be passed next. Every year, the Finance Bill is introduced to give effect to the financial proposals of the Government of India for the next following financial year. It is to be passed by the Legislature and assented to by the President within 75 days of its introduction.