Every year, the Union Budget is revealed on February 1. But here's a fascinating fact:

Kick off the budget-making process

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Role of NITI Aayog & DEA

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Circular Issuance

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Scrutiny and Consultations

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Pre-Budget Meetings

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Drafting and Approval

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Halwa Ceremony and Lock-In Period

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Budget Day Protocol

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Implementation and Passage

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Every year, the Union Budget is revealed on February 1. But here's a fascinating fact:

Union Budget: A Tale of Six-Month Preparation

Click here to read more

Kick off the budget-making process

They actually kick off the budget-making process around August-September of the year before! To ensure everything is well-prepared when the big day arrives.

Role of NITI Aayog & DEA

Ministry of Finance collaborates with NITI Aayog for preparation.

DEA's Budget division, within the Ministry of Finance, is responsible for crafting the Budget.

Circular Issuance

– Finance Ministry issues circular to ministries, states, UTs, and autonomous bodies. – Requests estimates for the upcoming year based on fixed guidelines. – Demands are supported by details on previous year's revenues, expenditures, and fund utilization.

Scrutiny and Consultations

Top government officials scrutinize received requests. Consultations held between ministries, industry experts, and NITI Aayog members.

Budget Making Process and Key Objectives

Pre-Budget Meetings

Finance Minister engages in pre-Budget meetings with stakeholders. Involves state representatives, bankers, agriculturists, economists, and trade unions.

Drafting and Approval

Finance Ministry creates a draft budget based on consultations. Draft discussed with the Prime Minister before finalization.

Finance Ministry creates a draft budget based on consultations. Draft discussed with the Prime Minister before finalization.

Halwa Ceremony and Lock-In Period

Marks the initiation of Budget document printing. Officers are served Halwa and remain isolated until the Budget is presented to maintain confidentiality.

Marks the initiation of Budget document printing. Officers are served Halwa and remain isolated until the Budget is presented to maintain confidentiality.

Budget Day Protocol

Finance Minister seeks President's assent on Budget. Cabinet meeting outlines Budget highlights. Finance Minister presents the Budget in Parliament.

Implementation and Passage

The Budget needs to pass in the Lok Sabha.

Implementation begins from April 1.

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