Explanation:

The Union Budget of India, referred to as the annual financial statement in Article 112 of the Constitution of India, is the annual budget of the republic of India, presented each year on the last working day of february by the Finance Minister of India in Parliament. The budget has to be passed by the house before it can come into effect on April 1, the start of India's financial year. 

In case, if a policy statement llike Annual budget is not passed by the Lok Sabha, then it is equivalent to losing vote of confidence of the ruling party or it is same as passing of no-confidence motion. In this case, the government i.e. Prime Minister should resign.