1. Presentation of Budget

Conventionally, the budget is presented to the Lok Sabha by the finance minister on the last working day of February. Since 2017, the presentation of the budget has been advanced to 1st of February.

The Budget can also be presented to the House in two or more parts and when such presentation takes place, each part shall be dealt with as if it were the budget. Further, there shall be no discussion of the budget on the day on which it is presented to the House.

The finance minister presents the budget with a speech known as the 'budget speech’. At the end of the speech in the Lok Sabha, the budget is laid before the Rajya Sabha, which can only discuss it and has no power to vote on the demands for grants.

The budget documents presented to the Parliament comprise of the following :

(i) Budget Speech

(ii) Annual Financial Statement

(iii) Demands for Grants

(iv) Appropriation Bill

(v) Finance Bill

(vi) Statements mandated under the FRBM Act:

(a) Macro-Economic Framework Statement

(b) Fiscal Policy Strategy Statement

(c) Medium Term Fiscal Policy Statement

(vii) Expenditure Budget

(viii) Receipts Budget

(ix) Expenditure Profile

(x) Memorandum Explaining the Provisions in the Finance Bill

(xi) Budget at a Glance

(xii) Outcome Budget

Earlier, the Economic Survey also used to be presented to the Parliament along with the budget. Now, it is presented one day or a few days before the presentation of the budget. This report is prepared by the finance ministry and indicates the status of the national economy.