Question

Discuss about the types of budget found in India.

Answer 1

1. Revenue budget: Money receipts, including both tax and non-tax money, and the expenses paid from them, make up the revenue budget. Revenue from general services (police, jail, supplies and disposal, public works, etc.), social and community services (education, housing, broadcasting, etc.), currency, coinage, mint, interest receipts, and economic services (agriculture, allied services, transportation, and communication) are all included in the non-tax revenue.
2. Capital budget: Revenues from market loans, borrowing from the Reserve Bank of India, sales of treasury bills and other long-term securities, loans from foreign governments and organisations, etc., make up the capital budget. The transactions in the public account are also included in the capital budget.
3. Conventional or administrative budget: Another name for the traditional budgets is the administrative budget. It is a collection of accounts that were created in a structured way, i.e., by taxation. The administrative budget does not include flows that are not government property.
4. Cash budget: Cash Budget on the opposite. includes all of the money received and paid to the government. This budget includes all government-owned and non-government-owned funds. Compared to the administrative budget, the cash budget is more thorough. It provides a more thorough view of the federal government's involvement in the financial system.
5. Executive and legislative budget: The government’s executive branch creates the executive budget. This does not imply that the legislative and the executive budgets are unrelated. The executive government has the primary initiative, but the legislature must approve and enact this budget. Conversely, the legislative budget is one that is created and approved by the legislature itself or by committees that it appoints. Most people agree that the executive budget is superior to the parliamentary budget.
6. Union budget: When the federal government provides financial statements on an annual basis, it’s referred to as the union budget. The Union government presents its yearly financial statement to the Lok Sabha and then the Rajya Sabha in accordance with Article 112 of the Indian Constitution.
7. State budget: According to Article 202 of the Indian Constitution, state governments or regional units in a Union Territory create their own budgets in a federal setting. It is brought before the state's legislative assembly.
8. Multiple and unified budget: Multiple-purpose budgets, such as distinct budgets for war, depression, fiscal control, etc., are the focus of multiple budgets. On the other hand, a unified budget is one that addresses several functions in a single, integrated budget.