The presentation of the Central Budget in the Lok Sabha is a significant event in India’s parliamentary calendar, marked by tradition and constitutional procedures. This article delves into the key aspects of who presents the Central Budget in Lok Sabha, outlining the roles and responsibilities involved in this crucial process.
Role of the President in Budget Presentation
Before the Budget is presented, the President’s recommendation is obtained under Article 117 for the introduction and consideration of the Finance Bill and Appropriation Bill in the Lok Sabha. The President’s approval of the Budget is crucial and is obtained through a detailed “Summary for the President,” which includes various financial documents and tax proposals.
Briefing the Cabinet
The Finance Minister plays a pivotal role in the Budget process by briefing the Cabinet on the Budget proposals and the Finance Bill just before its presentation in Parliament. A comprehensive ‘Summary for the Cabinet’ is prepared, outlining the Revised Estimates, Budget proposals, estimated receipts, tax proposals, and compliance with relevant financial regulations.
Budget Presentation in Lok Sabha
When presenting the Budget in the Lok Sabha, the Finance Minister delivers a speech detailing the government’s proposals for the upcoming financial year concerning taxation, borrowings, and expenditure plans. The Budget Speech serves as a policy document highlighting the government’s policies and programs.
Parliamentary Control Over Public Finances
The Indian Constitution ensures parliamentary control over public finances through the approval of the Annual Budget. Articles 265, 266, 112, and 114 outline the mechanisms for parliamentary oversight, emphasizing that no tax can be levied or expenditure incurred without the authorization of the Legislature. The President presents the Budget to the Lok Sabha as per Article 112 of the Constitution.
Importance of the Union Budget
The Union Budget is not merely an accounting document but a reflection of the government’s policy positions and a platform for financial reforms. It aims to achieve rapid and balanced economic growth, efficient resource allocation, poverty reduction, and price stability. The Budget classification includes the Capital Budget and Revenue Budget, each accounting for different aspects of government finances.
In Conclusion
the presentation of the Central Budget in the Lok Sabha involves a meticulous process guided by constitutional provisions and parliamentary procedures. The Finance Minister’s role is central in articulating the government’s financial roadmap, policies, and priorities for the upcoming fiscal year, making the Budget presentation a critical event in India’s governance framework.