The budgetary process in India has four main stages:
- Preparation:
Finance Ministry prepares the budget using estimates from all ministries; approved by Cabinet and President. - Enactment (Legislation):
Budget is presented in Parliament, discussed, and passed through Finance Bill and Appropriation Bill. - Execution:
After approval, government collects revenue and spends as per budget; accounts are audited by CAG. - Parliamentary Control:
Parliament ensures proper use of funds through committees like PAC, Estimates Committee, and COPU.
