Consider the following steps in Budget Procedure in India: 1)The demands for grants of various ministries and departments including railways are considered by the concerned standing committees 2)Broad contours of the budget and the principles and policies underlying it are discussed. 3)A cut motion is moved in the Lok Sabha 4)Budget is presented in the House. Which among the following is the correct sequence of the above steps?

The correct answer is A. 1 2 3 4.

The budget procedure in India is as follows:

1. The Finance Minister prepares the budget and presents it to the Lok Sabha (the lower house of the Indian Parliament) on the last working day of February.
2. The budget is then referred to the various standing committees of the Lok Sabha for detailed scrutiny.
3. The standing committees submit their reports to the Lok Sabha, which then discusses the budget clause by clause.
4. After the discussion, the budget is passed by the Lok Sabha.
5. The budget is then sent to the Rajya Sabha (the upper house of the Indian Parliament) for its consideration.
6. If the Rajya Sabha does not pass the budget within 14 days, it is deemed to have been passed.
7. The budget is then sent to the President for his/her assent.
8. After the President’s assent, the budget becomes law.

The steps in the budget procedure in India are as follows:

1. The Finance Minister prepares the budget.
2. The budget is presented to the Lok Sabha.
3. The budget is referred to the various standing committees of the Lok Sabha.
4. The standing committees submit their reports to the Lok Sabha.
5. The budget is discussed in the Lok Sabha.
6. The budget is passed by the Lok Sabha.
7. The budget is sent to the Rajya Sabha.
8. The budget is discussed in the Rajya Sabha.
9. The budget is passed by the Rajya Sabha.
10. The budget is sent to the President for his/her assent.
11. After the President’s assent, the budget becomes law.

The first step in the budget procedure is the preparation of the budget by the Finance Minister. The Finance Minister is assisted by a team of officials from the Ministry of Finance and the Reserve Bank of India. The budget is prepared after taking into account the following factors:

• The expected revenue receipts of the government.
• The expected expenditure of the government.
• The fiscal deficit target of the government.
• The monetary policy stance of the Reserve Bank of India.
• The economic outlook for the country.

The second step in the budget procedure is the presentation of the budget to the Lok Sabha. The budget is presented by the Finance Minister on the last working day of February. The budget is presented in the form of a speech, which is followed by a question and answer session.

The third step in the budget procedure is the reference of the budget to the various standing committees of the Lok Sabha. The standing committees are responsible for examining the budget in detail and making recommendations to the Lok Sabha. The standing committees submit their reports to the Lok Sabha within a specified time period.

The fourth step in the budget procedure is the discussion of the budget in the Lok Sabha. The budget is discussed clause by clause. The members of the Lok Sabha can propose amendments to the budget. The Finance Minister replies to the debate and the amendments proposed by the members of the Lok Sabha.

The fifth step in the budget procedure is the passage of the budget by the Lok Sabha. The budget is passed by the Lok Sabha by a simple majority.

The sixth step in the budget procedure is the sending of the budget to the Rajya Sabha. The Rajya Sabha is the upper house of the Indian Parliament. The budget is sent to the Rajya Sabha for its consideration.

The seventh step in the budget procedure is the discussion of the budget in the Rajya Sabha. The budget is discussed clause by clause. The members of the Rajya Sabha can propose amendments to the budget. The Finance Minister replies to the debate and the amendments proposed by the members of the Rajya Sabha.

The eighth step in the budget procedure is the passage of the budget by the Rajya Sabha. The budget is passed by the Rajya Sabha by a simple majority.

The ninth step in the budget procedure is the sending of the budget to the President for his/her assent. The President is the head of the Indian state. The budget is sent to the President for his/her assent after it has been passed by the Lok Sabha and the Rajya Sabha.

The tenth step in the budget procedure is the giving of assent by the President to the budget. The President gives his/her assent to the budget within 14 days of its being sent to him/her. If the President does not give his/her assent to the budget within 14 days, it is deemed to have been passed.

The eleventh and final step in the budget procedure is the becoming of the budget law. After the President’s assent, the budget becomes law and comes into effect from the financial year beginning on 1st April.