Short Essay on the Budgets – Over the decades the Budget has been the most important, sensational economic event of the year in India. It is a multidimensional document that affects the lives of all citizens.
Economic health of a country depends upon the economic policies it follows and the way it allocates its resources to secure its socio-economic objectives. Budget is a part of what might be called ‘economic planning’.
The term ‘Budget’ comes from the French word “bongette”, meaning ‘a small bag’. In general parlance budget is an annual financial statement presented by the Ministry of Finance in the Parliament every year with full details of the proposed financial activities of the government for the year ahead.
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The budget covers revenue, expenditure and debt and puts forth government’s idea of juggling the three to make the economy stronger.
Socio-economic development is high on our priority list, which makes our budgets, primarily focusing on the issues related to it. Some of the budget policies that Government of India has adopted are performance budgeting programmed budgeting and zero-based budgeting.
Budgets are a declaration of financial policy decisions made by the government to achieve social, political and economic goals by prioritizing expenditure and allocating funds accordingly. So, Budget is a synonym for the sound economy and stable government.