Why in news ?
The President of India, on the recommendation of Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July, 2024 to 12 August, 2024, subject to exigencies of Parliamentary Business.
What is the Budget Session?
The Budget Session is a crucial period in the Indian Parliament’s calendar, where the government presents its annual budget and outlines its financial plans for the upcoming fiscal year.
Key Elements:
- Budget Presentation
The Finance Minister presents the Union Budget, outlining the government’s revenue and expenditure plans. - Economic Survey
The Economic Survey, presented a day before the budget, provides an overview of the country’s economic performance and outlook. - Budget Debate
Members of Parliament debate and discuss the budget, raising questions and seeking clarifications. - Voting on Demands for Grants
MPs vote on the Demands for Grants, which authorize the government to incur expenses for various schemes and programs. - Passage of Finance Bill
The Finance Bill, which contains tax proposals and other financial measures, is passed by Parliament. - Appropriation Bill
The Appropriation Bill, which authorizes the government to withdraw funds from the Consolidated Fund of India, is also passed.
Significance:
The Budget Session is crucial for the country’s economic direction and has a significant impact on the citizens’ lives. It provides an opportunity for Parliament to scrutinize the government’s financial plans and ensure accountability.