Who is the father of budget in India?
The first budget of India was submitted on 18 February 1860 by James Wilson. P C Mahalanobis is known as the father of Indian budget.
Who passes the budget of government?
The Union Budget of India, referred to as the annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India, presented each year on the last working day of February by the Finance Minister of India in Parliament.
Who started budget?
Budget was first introduced on 7th April, 1860, two years after the transfer of Indian administration from East-India Company to British Crown. The first Finance Member, who presented the Budget, was James Wilson.
Who presented first budget in world?
The first Union budget of independent India was presented by R. K. Shanmukham Chetty on 26 November 1947.
How budget is prepared passed and executed in India?
The finance minister presents the budget in the Lok Sabha. He makes his budget in the Lok Sabha. Simultaneously, the copy of the budget is laid on the table of the Rajya Sabha. Printed copies of the budget are distributed among the members of the parliament to go through the details of the budgetary provisions.
How budget is executed?
- Monies are released to various line ministries (or departments/agencies) as per the approved budget.
- Agencies initiate expenditures directly or by procuring goods and services.
- Payments are made for these expenditures.
- Expenditure transactions are recorded in accounting books.