West indian countries

How India’s process differs from other countries

A government budget is the forecast of a nation’s finances. The budget details the estimated expenses and revenues for the course of the coming fiscal year. But in addition to being simply the government’s annual statement of finances, it is also a document that can define several other functions. A capital, union or government budget has a significant impact on the nation’s economy.

It is for this reason that various governments adopt various procedures when developing their own respective budgets.

India

The Union Budget or the Annual Financial Statement as it is called in Section 112 of the Constitution is prepared for a period of six months, the Budget Division of the Department of Economic Affairs (DEA) under the Ministry of Finances assuming primary responsibility. . Through consultations, reviews and revisions, the final budget, along with the accompanying finance bill, is presented by the Minister of Finance to Parliament for discussion and approval.

UK

There is a great similarity between the Indian and British budgeting systems since the former has adopted many of the practices of the latter. However, a key difference is that the executive branch has much more control over the finer details of the budget, since they are not discussed in Parliament but only by the Cabinet. When the Chancellor of the Exchequer presents the budget at the Palace of Westminster, the focus is solely on taxation and the state of the economy.

Germany

Germany’s budget is perhaps one of the most different among modern advanced economies, as it imposes unusually tight restrictions on government borrowing. The nation is also exceptionally dependent on counter-cyclical taxes and reserves. Much of the reasoning behind these practices is the result of Germany’s many run-ins with high inflation and even hyperinflation. The budget plan details expenditures and revenues for the current year, a project for the following year and estimates for the next three years.

united states of america

The budget in the United States is the direct responsibility of the President, under whose direct jurisdiction the Office of Management and Budget prepares the budget. The budget is almost entirely about spending, not revenue. Budget proposals are sent to the House of Representatives, where the House Appropriations Committee sends them to its various subcommittees for consideration. The budget as a whole is not considered in the House of Representatives or the United States Senate.


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