Government budgeting in India is a constitutionally mandated process that authorizes taxation, expenditure, and fiscal planning while ensuring transparency, accountability, and parliamentary control over public finances.

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• The Union Budget is the government’s annual financial statement presenting estimated revenue and expenditure for a financial year, serving as the primary fiscal policy and governance instrument.
• The term “Budget” is not mentioned in the Constitution; Article 112 refers to it as the Annual Financial Statement, which must be presented before Parliament every year.
• Article 265 mandates that no tax can be levied or collected without legal authority, while Article 266 requires legislative approval before any government expenditure is incurred.
• The Fiscal Responsibility and Budget Management (FRBM) Act, 2003 promotes fiscal discipline and requires additional fiscal policy documents to be presented alongside the Budget.
• Major budget documents include the Annual Financial Statement, Demands for Grants, Appropriation Bill, Finance Bill, Receipts Budget, Expenditure Budget, and Budget at a Glance.
• Since 2017, the Railway Budget has been merged with the Union Budget, ending the separate railway budget presentation practice that continued for over nine decades.
• The Union Budget is generally presented on 1 February each year, while the Economic Survey is traditionally tabled in Parliament one day before the Budget.
• Vote on Account allows the government to withdraw funds for essential expenditure when the full Budget cannot be passed before the beginning of the new financial year.
• The Finance Minister’s Budget Speech consists of economic review and taxation proposals, outlining fiscal priorities, development objectives, and policy initiatives for the coming year.
• The budgeting process strengthens parliamentary oversight, ensures financial accountability, and supports economic growth through planned allocation of public resources and expenditure management.