A bill is significant in the legislative process as it represents a proposed law that must undergo examination and approval by a governing body, typically a parliament or congress. The bill's journey involves multiple readings, debates, and possible amendments before it can be passed into law. It serves as a mechanism for public policy development, allowing lawmakers to address societal needs and take action on various issues. Through the legislative process, a bill reflects the priorities of a government and the interests of its constituents, playing a crucial role in shaping governance.