Rearrange the following steps of the Union Budget preparation in the correct order:
P. The finance minister presents the budget in Parliament
Q. The Ministry of Finance collects estimates from various ministries
R. The budget is passed by both houses of Parliament
S. The Cabinet approves the final draft of the budget
Show answer & explanation
Correct answer: B
Explanation
Logical sequence of sentences should be QSPR.
Q (First Step): The Ministry of Finance initiates the process by collecting expenditure and revenue estimates from various ministries and departments.
S (Drafting): Once the data is compiled and the budget is drafted, it must be reviewed and approved by the Union Cabinet before being presented.
P (Presentation): After Cabinet approval, the Finance Minister presents the budget in the Lok Sabha (Parliament) with the "Budget Speech."
R (Approval): Finally, the budget undergoes discussion and voting, eventually being passed by both houses of Parliament to become law.