Union budget: processes and procedures

Abstract

(An) important reform required is the establishment of a high powered committee consisting of economists and macroeconomic managers to be in charge of preparing fiscal policy for the country similar to the proposed Monetary Policy Committee. This will ensure professionalism, transparency and accountability in the whole process. Ultimately, the credibility of the whole budget making exercise among the investors and producers should increase and it should help them to perceive less risk and manage uncertainties.