Lok Sabha Speaker congratulates the Prime Minister, Union Finance Minister, Members of Union Cabinet, Members of Lok Sabha and Officers and Staff of Lok Sabha Secretariat, Ministry of Finance & Parliamentary Affairs for completing all the Budget related processes before 1st April;

States it  is a historical event; Allocated Funds will be now available with the different Departments w.e.f. from 1st April and they will have full one year to spend the same on old and new Schemes;Will also help the State Governments in preparing their Budget

The Hon’ble Speaker of Lok Sabha, Smt. Sumitra Mahajan congratulated the Prime Minister, Finance Minister, all the members of Union Cabinet, Members of Lok Sabha and Officers & Staff of Lok Sabha Secretariat, Finance and Parliamentary Affairs Ministries among others on competing all the Budget related processes by 1st April, 2017.

The Hon’ble Speaker said that as a result, the allocated funds to each Department will be now available to them on 1st April and they will have full one year to spend the same on old and new schemes. Hon’ble Lok Sabha Speaker further said that this has happened for the first time in the history of Independent India and is a historical occasion.

The Hon’ble Lok Sabha Speaker, Smt. Sumitra Mahajan further said that for the past many decades, the Budget used to be presented in the last days of February, sometimes in March or April and delay in budgetary allocations by 4-5 months was part of the process. She further said that this timely completion of all Budget related processes will also help the State Governments in preparing their respective State Budget.

The Hon’ble Lok Sabha Speaker, Smt. Sumitra Mahajan said that this has been made possible because of the cooperation and support of all the Members of the House and different political parties. She specifically thanked the Prime Minister, Finance Minister, Ministers of the Union Cabinet, the officers and staff of the Lok Saha Secretariat and those of Finance and Parliamentary Affairs Ministries among others for their contribution in achieving this mega task. She said that his was a big job and a new beginning has been made in the public interest. She thanked all once again.

Timely budget completion enables full-year fund availability for departments and aids state budget preparation. Timely completion of parliamentary budgetary processes resulted in allocated funds becoming available to Union departments at the start of the financial year, permitting departments to spend appropriations for a full year on existing and new schemes and aiding State Governments in preparing their budgets.