What is budget, its types, purpose essay Budget Definition, Type and Aim essay
Budget is a word that plays a very important role in common life. Any sensible person does only by making a budget for his every little big work or any expenditure or investment. In the same way, the government also does its main work, accounting of income and expenditure from the budget itself. And every year the government presents its budget to the public. Budget is such an important part of the life of the government and every person. for which,
Constitution of India
I have also been expanded by making a separate paragraph. The first Union Budget of independent India was presented in the Parliament by RK Shanmukham on November twenty-sixth, 1907 (26/11/1947).
- definition of budget
- budget as per constitution
- purpose of budget
- types of budget
- How is the budget made?
- Important things about the budget
Budget is a plan made for the future, which is prepared by estimating the revenue and other income and expenses for the whole year. In which, by the Finance Minister, estimating its expenditure before the government, making many plans for the coming year, presents it to the public during every financial year. An ideal budget is one in which no one is selfish. The best plans have been made by the government in that budget for people, business, government, country, multinational organization, for an individual, family, group and expenditure and investments have been made.
budget as per constitution
According to Article 112 of the Constitution, during every financial year, the President causes the annual financial statement to be laid before both the Houses of Parliament, in which the details of the income/receipts and expenditure of the government for the previous year are given.
There are mainly two items estimated in the budget –
- Expenditure on Consolidated Fund of the Government of India.
- Amount required to meet other expenses to be incurred for the Consolidated Fund of the Government.
Apart from this, the details of other and revenue expenditure have to be given in the budget.
Objectives of Budget Formulation (Aim of Budget)
For every year, the government makes plans in advance. In which the sources of income of the government such as collection of different taxes or taxes, income from revenue, government fees-penalties, dividends, interest on loans given, etc., all the income and putting these income back to the public would have been the main objective of the budget. Is.
- To increase the rate of economic growth.
- Eliminate poverty and unemployment.
- By removing inequalities, using the income in the right schemes.
- Maintaining price and economic stability in the market.
- To keep funds for all other sectors rail, electricity, finance, food grains, food items, banks also.
Type of Budget
Generally, the annual budget is prepared by the departments allocated to them in the finance ministries. Whose final approval is given by the President, which is in relation to both the Central and State Governments. The Railway Budget is prepared separately by the Ministry of Railways. There are mainly two types of budget.
- central budget
- rail budget
The biggest budget presented by the Central Government, which is made keeping in mind the people of every class. Which is also called the general budget, it contains all kinds of provisions, which are passed in the form of bills. Every year new budgets are passed along with new rules and regulations. There are many small provisions of the Union Budget, for which the budget is made, such as-
rail budget (Rail Budget)
The Railway Budget is presented by the Railway Minister in the Parliament during every financial year. in which for the general public,
- Many new trains are announced.
- E-railway facilities for passengers.
- Declaration of facilities in trains and on platforms.
- Booking and checking facility through SMS and Net.
These are the two main budgets made. Which, as far as possible, is made in February. and is declared during the financial year.
Similarly, the budget of the Center is applicable to the whole country. But each state has its own separate budget, in which it makes provision for the state.
Many years ago, the railway budget was presented separately because the Indian Railways department has been considered a very big department, but since the arrival of the Modi government, the railway budget has been included in the general budget, so now the railway budget is presented separately. is not done.