India Budget audits all Government accounts and ensures that all expenditures are within the ambit of the Indian Parliament act and rules. Further, India Budget checks that all the previous budget allocated funds are properly spent. However, tax or expenditure proposal can be offered by the minister of finance only. On the last day of the month of February the finance Minister proposes the India Budget before the full house of the Indian Parliament. India Budget is essentially - a detail of estimated 'expenditure' and projected 'income' of the Government if India. After thirty days of the Budget proposal, the Lok Sabha scrutinizes and amends the proposed India Budget. After getting ratified by the members of the parliament the India Budget finally comes into effect from the 1st day of April – which is the the 1st day of the new financial year.

Components of India Budget -

Plan and Non-plan Expenditure.

Revenue and fiscal deficit.

Developments in agriculture -
     Farm credit,
     Irrigation,

Transport,

Railways,

Subsidies,

Banking system, Insurance, Agricultural Insurance, National Bank for     Agriculture and Rural Development, Regional Rural Banks, Housing loans,     Exclusive health insurance, Capital market,

Urban and Rural Infrastructure Development,

Industry,

SMEs,

Gross domestic capital, Foreign direct investment and Portfolio investment.

Central Public Sector Enterprises,

Budgetary resources,

Outstanding credit,

Foreign Trade and Merchandise exports,

Differential rate of interest,

Defense expenditure,

Education,

Water,

Health care,

Environmental matters,

Physically challenged persons.