Preparing the budget for a vast country like India with a population of 140 crores is no easy task! It's a meticulous process involving multiple stakeholders. The Ministry of Finance asks all departments, states, and territories to send their budget proposals for the upcoming fiscal year. These departments send their previous year's revenue, expenses, and next year's estimates to the Finance Ministry. After reviewing these, the Finance Ministry discusses the proposed allocations with each department. If there are disagreements, the matter is taken to the Prime Minister or the Central Cabinet.
