Finance Minister Nirmala Sitharaman today presented the first budget of the third term of the Modi government. This is the seventh consecutive time that Nirmala Sitharaman presented the budget. With this, Nirmala Sitharaman also made a record.
The budget contains accounts for the entire year. Where will the government earn from? Where will she spend? How much will she spend? It is told about this.
Earlier in February, the interim budget presented by Finance Minister Nirmala Sitharaman was more than Rs 47.65 lakh crore. Then he had told that for this expenditure the government will earn more than Rs 30 lakh crore from taxes and other places. But the government will borrow for the remaining expenses.
However, Finance Minister Nirmala Sitharaman presented the budget on Tuesday, but even after this there are some processes which have to be completed.
What after presenting the budget?
After the Finance Minister presents the budget, she will present two more bills. First- There will be a Finance Bill, which contains the account of the earnings of the government. And second – Appropriation Bill, in which the expenditure of the government is accounted for.
After this, the budget is discussed and debated in both the houses of the Parliament i.e. Lok Sabha and Rajya Sabha. After getting the approval of both the houses, it is sent to the President. The budget comes into force only after the signature of the President.
What if the budget gets stuck in Parliament?
Although the general budget is easily passed in the Parliament, but what if it gets stuck here? If the budget is not passed in the Parliament then it is considered that the government is in crisis. It is necessary for the budget to be passed in the Lok Sabha because it is a finance bill. The Finance Bill does not require the approval of Rajya Sabha.
What is the provision for the budget?
The provision of budget has been made in Article 112 of the Constitution. Article 112 says that every year the President will cause the government to present before both Houses of Parliament the details of the earnings and expenditure of that year. This is called ‘Annual Financial Statement’.
Morarji Desai had presented the budget 10 times
Former Prime Minister Morarji Desai has presented the budget maximum 10 times so far. Morarji Desai was the Finance Minister from 1962 to 1969. After him, P. Chidambaram has presented the budget 9 times and Pranab Mukherjee has presented the budget 8 times.
However, Nirmala Sitharaman broke Morarji Desai’s record with the presentation of the budget. She is the first Finance Minister of the country, who presented the budget for the seventh consecutive time.