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Subsequently, the government engages with the Chief Economic Advisor to determine the most suitable level of borrowing necessary to address the deficit.Īfter reviewing all suggestions, the finance ministry makes decisions regarding the distribution of revenue to different departments for their forthcoming expenditures. The finance ministry conducts a thorough analysis of data, comparing revenue and expenditure estimates to ascertain the comprehensive budget deficit. After approval of the data, it is forwarded to the finance ministry. The Department of Expenditures and various ministries engage in extensive consultations to meticulously scrutinize all facets of the proposals. It entails the issuance of budget-related circulars by the Finance Ministry to a range of entities, including States and Union Territories, Union Ministries, Defence forces, Government departments, and Autonomous bodies asking them to prepare estimates for the coming year.Īfter the revenue secretary receives the proposals, government officials at the highest levels conduct a comprehensive review. Let's delve into the collaborative endeavors of various branches of the Government dedicated to shaping the Union Budget.īudget is a collaborative effort involving various government entities, with the Budget Division of the Department of Economic Affairs in the Ministry of Finance spearheading the process. Rather, it involves extensive months of meticulous planning, consultations, and compilation efforts to culminate in the final draft. Similar to the adage that Rome wasn't built in a day, the Union Budget of India doesn't come to fruition in a matter of days. 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