How the Union Budget Is Passed in India
The Union Budget is India's most consequential annual policy document. As required by Article 112 of the Constitution, the Finance Minister must lay before both Houses of Parliament an Annual Financial Statement — the formal constitutional term for what is popularly called the Budget — showing estimated receipts and expenditure for the coming financial year. This document is not merely a statement of intent; it triggers a mandatory parliamentary process that determines how much money the government can legally spend and what taxes it may legally collect. No rupee can be withdrawn from the Consolidated Fund of India without parliamentary authorisation through the Appropriation Act; no tax can be levied without the Finance Act. The Budget process is therefore not a formality but the constitutional foundation of fiscal governance. Representational Image: How the Union Budget Is Passed in India Since 2017, following a change introduced by the NDA government, the Union Budget is p...