Question

Who presents the Central Government budget in the Lok Sabha?

Answer 1

Hint: The Budget or financial statement is presented annually in the Lok Sabha. Article 112 of the Indian constitution envisages laying down the annual financial statement in the parliament. On that day a ‘Budget Speech’ was read out in the Lok Sabha.

Complete answer:
Union Budget refers to the ‘Annual Financial Statement’ or the Statement of the Estimated Receipts and Expenditure of the Central Government prior to the commencement of each financial year. It is presented to the Lok Sabha on such days as directed by the President of India. The Budget is presented by the “Union Finance Minister”, who reads out a ‘Budget Speech’ on that day in the Lok Sabha. The Budget Speech accentuates the important points of the entire Budget that may have several thousand pages.

Soon after the presentation of the Budget in the Lok Sabha, a copy of it is laid in the Rajya Sabha, which can discuss it but has no power to vote on the demands for grants. The preparation and presentation of the Budget for the legislature’s approval is a constitutional obligation on the government’s part, both at the Centre and in the states.

Immediately after the Budget is presented, the following three statements under the Fiscal Responsibility and Budget Management Act, 2003 are also laid on the Table of Lok Sabha:
- The Medium-Term Fiscal Policy Statement;
- The Fiscal Policy Strategy Statement; and
- The Macro-Economic Framework Statement

The Budget session of Parliament normally takes place from February to May. During this period, the Budget comes before Parliament for its discussion, voting and approval; the departmentally related standing committees take into consideration the Demands for Grants of ministries/departments and report on it to the Houses of Parliament.

Thus, the Union Finance Minister presents the Central Government budget in the Lok Sabha.

Note: In 1921, The Railway Budget and the General Budget were separated on the recommendations of the Acworth Committee but in 2016, the Railway Budget was merged with the Union Budget. Both the Budgets are presented in the Lok Sabha and follow the same procedure. However, the railway budget is presented prior to the general budget. The Railway Budget is presented by the ‘Railway Minister', while the ‘Finance Minister' presents the general budget.