Indian Budget Process Overview

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What does a government budget primarily aim to achieve?

Stability in the economy (correct)

Encouraging economic fluctuations

Reduction in real GDP

Increase in regional disparities

How is a government budget defined in simple terms?

A statement of future economic projections

A statement detailing income sources and expenditures (correct)

A document showing historical expenditures

A report on economic fluctuations

What does a government budget contain regarding the economy's sectors?

Projections for government employment

Estimates for agriculture, industry, and services (correct)

Forecasts on international trade

Predictions on consumer spending

What is the main purpose of budgeted estimates in a government budget?

To estimate future expenses for the government Signup and view all the answers

Why is the government budget considered the most comprehensive report of the government's finances?

It details revenue sources and planned expenditures Signup and view all the answers

What is the main focus of the unit regarding budgetary processes?

Union budget only Signup and view all the answers

What happens after the general discussion on the budget in the Lok Sabha is over?

The demands for grants of various ministries are considered by standing committees. Signup and view all the answers

What role does the Lok Sabha have in relation to the demands for grants?

To vote on them ministry-wise. Signup and view all the answers

What is the purpose of introducing the Appropriation Bill after general discussions and voting on demands for grants?

To authorize government expenditure from the Consolidated Fund of India. Signup and view all the answers

What is the role of Rajya Sabha in the budget discussion process?

Votes on demands for grants. Signup and view all the answers

What types of motions are made in the form of 'cut motions' during the budget discussion process?

'Reduction motions' seeking to reduce sums sought by government. Signup and view all the answers

When is the Finance Bill, which gives effect to taxation proposals, introduced in Lok Sabha?

Immediately after the presentation of general budget proposals. Signup and view all the answers

When does the process of budget preparation commence?

In August-September of the previous year Signup and view all the answers

Who issues the budget circular containing detailed instructions and formats for preparing estimates?

Budget Division of the Ministry of Finance Signup and view all the answers

What is done by each department with regard to estimating receipts and expenditure?

Each department prepares estimates for receipts and expenditure separately Signup and view all the answers

Who does the union finance minister consult with during pre-budget consultations?

Finance ministers, chief ministers, industry associations, labor organizations, NITI Aayog experts Signup and view all the answers

Where is the budget presented after considering suggestions from the Estimates Committee?

In the Parliament Signup and view all the answers

What information do budget documents typically depict?

Information about receipts and expenditure for two years Signup and view all the answers

Indian Budget Process Overview

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