With reference to the Union Budget of India, which of

Solution

As per Article 112 of the Indian Constitution, the Union Budget is defined as a statement of the estimated receipts and expenditure (both revenue and capital) of the government for that particular year. It is also referred to as the Annual Financial Statement as it details the account of the government finances for the financial year that starts from 1st April to 31st March. ·        The budget is prepared by the Department of Economic Affairs under the Ministry of Finance. ·        The budget was presented by Minister of Finance. The Finance Minister meets the President to seek a formal assent to the presentation date and then presents the budget in Parliament after cabinet approval. ·        The core of the budgetary process involves discussion, debate, and voting in Parliament, primarily in the Lok Sabha, before it can take effect on April 1, the beginning of India's financial year.