Pre-Budget Meetings

Subject – Polity

Context – Pre-Budget meetings to start from October 12

Concept –

The Budget is expected to be presented on February 1.
This year’s Budget process will have one new Ministry (Co-operation) and Demands for Grants taking the total number of Central Ministries/Departments to 56 and total number of Demands for Grants to 102.
The Budget Estimates for 2022-23 will be provisionally finalised after Secretary (Expenditure) completes discussions with the Secretaries and Financial Advisors.

Demand for Grants

Demand for Grants is the form in which estimates of expenditure from the Consolidated Fund, included in the annual financial statement and required to be voted upon in the Lok Sabha, are submitted in pursuance of Article 113 of the Constitution.
The demand for grants includes provisions with respect to revenue expenditure, capital expenditure, grants to State and Union Territory governments together with loans and advances.
Generally, one demand for grant is presented in respect of each ministry or department. However, for large ministries and departments, more than one demand is presented.

Union Budget –

Union Budget of India is the country’s comprehensive Annual Financial Statement.
The Union Budget consists of a detailed account of the government’s finances, its revenues from various sources and expenditures to be incurred on different activities that it will incur.
As mentioned in Article 112 of the Indian Constitution, the Union Government lays a statement of its estimated receipts and expenditure for that year, From April 1 to March 31, before both the Houses of Parliament.
The term “budget” is not mentioned in the Constitution.