Question
Download Solution PDFWhich one of the following is responsible for the preparation and presentation of Union Budget to the Parliament?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Department of Economic Affairs.
Key Points
- Union Budget:
- Article 112 to the Indian Constitution defines the term 'Financial Statement' also referred to as the Union Budget.
- It is the statement of the estimated receipts and expenditure of the government for that particular year.
- It is now presented on the 1st of February instead of the last day of February so that sufficient time is there for the budget provisions to get materialized.
- 2017 onwards, the Railway Budget got merged with the Union Budget.
- The responsibility of the budget is given to the Budget Division of the Department of Economic Affairs in the Finance Ministry.
- Department of Economic Affairs:
- This is the nodal agency for formulating the economic policies and programs of the Union Government that influence the domestic and international aspects of economic management.
- The most significant role of the department is the preparation of the Union Budget.
Additional Information
- Department of Revenue:
- This department looks into the matters relating to the Direct and Indirect Union Taxes.
- The Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) works under the supervision of the Department of Revenue.
- Department of Financial Services:
- The financial services provided by the institutions like banks, insurance companies, etc. come under the Department of Financial Services.
- The Pension Fund Regulatory and Development Authority (PFRDA) works under the supervision of the Department of Financial Services.
- Department of Expenditure:
- It is the nodal agency for supervising the Public Financial Management System (PFMS) and matters connected with the finances.
- The National Institute of Financial Management (NIFM), Faridabad is under the administrative control of the Department of Expenditure.
Important Points
- All the departments mentioned above come under the Finance Ministry of the Government of India.
Last updated on Jun 22, 2025
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