Union Budget is the ‘Annual Financial Statement’ or the Statement of the Estimated Receipts and Expenditure of the central government before the beginning of each financial year, presented to the Lok Sabha on such day as the President might direct. The Union finance minister reads out a ‘Budget Speech’ on that day in the Lok Sabha. The Budget Speech highlights the salient points of the entire Budget that may run into several thousand pages.
A copy of the Budget is laid in the Rajya Sabha soon after its presentation in the Lok Sabha. The preparation and presentation of the Budget for the approval of the legislature is a constitutional obligation on the part of the government, both at the Centre and in the states.
The Budget session of Parliament is normally held from February to May. During this period, the Budget comes before Parliament for its deliberation, voting and approval; the departmentally related standing committees consider the Demands for Grants of ministries/departments and report on the same to the Houses of Parliament.