Ans》 Five points here you need to know on that-
1. Economic Growth.
2. Business get direction.
3. Taking care of PSUs.
4. Reduces disparities.
5. One nation through the budget.
How the Indian government spends money?
Ans》 Indian Government spends a major share of about 50% of it's budget on defence, health, education, subsidies and interest.
How long does it take to prepare a budget in India?
Ans》 The budget presented in the parliament in just a one day, but it takes more than a month to prepare in final shape.
How does it prepare?
Ans 》 It is prepare by the ministry of finance in consultation with Niti Aayog and other concerned ministries. Budget making process starts in August-September, that is about 6months prior to it's date of presentation. It needs to be passed by both the houses of Parliament before beginning of the financial year, that is, April 1.
What happen in case of dispute arises?
Ans 》 In case of dispute arises over the allocation of funds, the finance ministry consults the Union Cabinet or the Prime Minister. Other stakeholders like small business owners, foreign institutional investors, farmers, are also consulted by the DEA and department of revenue to gain more insights.
