Lok Sabha Passes Appropriation Bill 2024 with Rs 140 Lakh Crore Budget
The Lok Sabha has passed The Appropriation (No.2) Bill, 2024, which allows the government to use Rs 140 lakh crore from the Consolidated Fund of India for the financial year 2024-25. This bill was moved by Finance Minister Nirmala Sitharaman.
What is the Appropriation Bill?
The Appropriation Bill authorizes the government to spend money from the Consolidated Fund of India. This bill includes the expenditure for various ministries, including Health and Family Welfare and Education.
What is the Guillotine Process?
Speaker Om Birla applied the ‘guillotine’ process to speed up the approval of grants for different ministries. This means that all outstanding demands for grants are put to a vote at a pre-decided time, and all demands are voted upon within the allotted time.
Next Steps
After passing in the Lok Sabha, the bill will be taken up in the Rajya Sabha for consideration and return. The budget session of Parliament, which started on July 22, will conclude on August 12.
Doubts Revealed
Lok Sabha -: Lok Sabha is one of the two houses of the Parliament of India. It is where elected representatives discuss and make laws.
Appropriation Bill -: An Appropriation Bill is a law that allows the government to spend money from the country’s budget for specific purposes.
Rs 140 Lakh Crore -: Rs 140 Lakh Crore is a very large amount of money. In simpler terms, it is 140 trillion rupees.
Consolidated Fund of India -: The Consolidated Fund of India is like a big bank account where all the money collected by the government is kept.
Speaker Om Birla -: Om Birla is the person who manages the discussions in the Lok Sabha. He is called the Speaker.
Guillotine process -: The guillotine process is a way to quickly approve many things at once without discussing each one in detail.
Finance Minister Nirmala Sitharaman -: Nirmala Sitharaman is the person in charge of managing the money and finances of the Indian government.
Rajya Sabha -: Rajya Sabha is the other house of the Parliament of India. It reviews and suggests changes to laws made by the Lok Sabha.
Budget session -: The budget session is a special time when the Parliament meets to discuss and approve the country’s budget for the next year.
