The correct answer is President Explanation & Key Takeaways: • According to Article 112 of the Indian Constitution, the President shall cause to be laid before both Houses of Parliament, in respect of every financial year, a statement of the estimated receipts and expenditure of the Government of India. • This statement is commonly known as the Annual Financial Statement or the budget. • The budget is a comprehensive statement that includes details on the revenue and expenditure, proposed allocations for different sectors, and the financial performance of the previous year. • The budget is a crucial document for the economic planning and financial management of the country. Related Concepts: • The Constitution of India was adopted by the Constituent Assembly on 26th November 1949 and came into effect on 26th January 1950. • It lays down the framework defining fundamental political principles, establishes the structure, procedures, powers, and duties of government institutions, and sets out fundamental rights, directive principles, and the duties of citizens. • The Constitution of India is the longest written constitution of any country in the world. • It declares India a sovereign, socialist, secular, and democratic republic, assuring its citizens justice, equality, and liberty, and endeavors to promote fraternity. • The Union Budget is prepared by the Ministry of Finance and presented by the Finance Minister in Parliament. • After the budget is presented, it must be approved by both Houses of Parliament before it can be implemented. • The budgetary process includes debates, discussions, and voting on the budget proposals.