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Q106 (IAS/2010) Economy › Government Finance & Budget › Union Budget process Answer Verified

Which one of the following is responsible for the preparation and presentation of Union Budget of the Parliament?

Result
Your answer: —  Â·  Correct: B
Explanation

The Budget Division of the Department of Economic Affairs (DEA) in the Ministry of Finance is the nodal agency responsible for preparation of the Union (Annual Financial) Budget; it compiles estimates submitted by ministries and finalizes the Annual Financial Statement [2]. The Budget is presented to Parliament by the Finance Minister, with the General Budget introduced first in Lok Sabha and then in Rajya Sabha [3]. Therefore, among the given departmental options, the Department of Economic Affairs is the correct choice as the principal department charged with budget preparation and coordination for presentation.

Sources

  1. [1] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 5: Indian Tax Structure and Public Finance > How is the Budget Prepared by the Government? > p. 119
  2. [2] Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 4: Government Budgeting > 4.1 Introduction > p. 146
  3. [3] Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 4: Government Budgeting > 4.2 Budget Procedure > p. 148
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