We all know that in our country, Budget consists of Railway Budget and General Budget which is called Union Budget. Before 1924, there was a single Budget in India which was more or less a railway Budget only as Railways were a large economic entity our country and much of the interest of the British in our country was confined to Railways, prior to our independence.
A separate budget for the railways in India was a sequel to the Acworth Committee Report, which recommended the separation of railway finances from the country's general finances, and this arrangement has been in place since 1924.
Since last 8 decades the same arrangement is in place. Railway Budget is presented in Third week of February every year (in most cases) and after that Economic Survey & General Budget are presented. Economic Survey started being presented almost a decade after we got independence. General Economic Survey is also presented to the parliament of India.
A separate budget for the railways in India was a sequel to the Acworth Committee Report, which recommended the separation of railway finances from the country's general finances, and this arrangement has been in place since 1924.
Since last 8 decades the same arrangement is in place. Railway Budget is presented in Third week of February every year (in most cases) and after that Economic Survey & General Budget are presented. Economic Survey started being presented almost a decade after we got independence. General Economic Survey is also presented to the parliament of India.
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The Budget speech is the presentation of the Finance Minister in the Parliament. A copy of Budget is laid in the Rajya Sabha.
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After presentation of the Budget, all members are given due time to go through the text of the budget and after that discussion is hold on the budget.
Prior to 1994-95, the discussion on Budget was in two parts one called general discussion and another called detailed discussion, which was followed by a voting on demands for grants.
1994-95 onwards, Our parliament has decided to constitute the committees to consider the demands for grants for various ministries.
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Now after a few days of presentation of the budget, there is a general discussion on the economic and fiscal policy of the government and parliament takes a break.
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In between the Speaker refers all the “Demand for Grants” for various ministries to the respective parliamentary committees which are 17 in total.
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These committees closely scrutinize the “Demand for Grants”.
Note: This procedure is efficient and saves time of the parliament as full house discussion and going through legthy details and technicalities is a time consuming process. However please note that committees are given sufficient time.
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After 4 weeks, the parliament reassembles and reports of these committees are presented to the Parliament.
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It follows by a discussion.
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During discussion, the budget is open to members to disapprove any policy or alter the focus of a ministry on a particular goal or grievances. For this subsidiary movements are run which are called cut motions.
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Finally the Budget is passed and it becomes a law.
Now after knowing What is the procedure of a Budget in our country, lets move to next chapter.What is the Size of our Economy?
Hello Sir,
I have a doubt, above you have mentioned that there are 17 Parliamentary committees but there are only 16 in Lok shaba and 8 in Rajya shaba.
So if i am rite it's 16 Parliamentary committees in lok shaba who does the detail study... please advise
bmohan6@gmail.com
Thanks you