Question

What is meant by budget of the government?

What is the government budget?

What is meant by government budget?

Answer 1

A government budget is a financial statement that displays the government’s anticipated income and expenses for a specific fiscal year. It represents the government’s strategy for generating revenue and allocating funds to achieve social and economic goals, and is presented annually by the finance minister. It comprises capital expenditures, revenue, and capital receipts.

Answer 2

A government budget is a financial statement that displays the government’s projected spending and revenues for the upcoming fiscal or financial year. It also includes an explanation of the government’s financial performance in the previous fiscal year, its fiscal policies, and the fiscal plans that correspond to them for the coming fiscal year.

The Indian Constitution requires the Central and State governments to draft annual financial plans for revenue and expenditures and report them to Parliament and State Assemblies, respectively, for the following fiscal year.