The Lok Sabha on Monday approved the Appropriation Bill, 2017, after the demands for grants for several ministries were collectively put to vote and passed by applying guillotine. The Bill, moved by minister of state for finance Arjun Ram Meghwal was passed by a voice vote.
The Bill empowers the Centre to withdraw funds from the consolidated fund to meet its expenditure in 2017-18. The Centre has budgeted to spend R21.47 lakh crore in the next fiscal year, up from R20.14 lakh crore in 2016-17.
The budgetary exercise for 2017-18 will be completed by March 31 with the passage of the Appropriation Bill and Finance Bill by both Houses of Parliament. It will enable the government implement the budget from the beginning of the new financial year, ie, April 1, for better outcomes.
The Finance Bill 2017, containing tax proposals of the government for the fiscal will likely be moved for consideration and passage in the Lok Sabha in a day