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Budget — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsBudget3 Marks
Question
Describe the meaning and characteristics for Budget
✓

Answer

  • Meaning of Budget :
    • In general, budget is a financial statement of the expected income and expenditure.
    • In other words, to be done in the next financial year.
    • It presents the revenue and expenditure of the coming year.
    • "A government budget is an annual accounting statement of the item-wise estimates of expected revenue and anticipated expenditure of government for a new fiscal year.
    • " The statement presented by the central government $($municipal corporation, Nagar Panchayat$)$ about the proposal of expected income and expenditure for the next financial year is called budget
  • Characteristics of Budget :
    • Budget shows the amount of income and expenditure.
    • Budget is presented for the next coming financial year.
    • The main objective of budget is to increase economic development and public welfare.
    • This expectation is exactly for one year.
    • State government presents the budget in legislative assembly $($Vidhan Sabha$)$ and Central Government presents the budget in parliament to get the consent of $MLA's$ and $MP's.$
    • After this the proposal of Budget is discussed in lok sabha and rajya sabha and with the changes and after getting majority the budget is approved.
    • In general, budget is presented by central and state finance minister.
    • In India budget is presented for the year $El"$ April to $31"$ March$).$
    • Central Government in general presents at the end of February in lok sabha.
    • Budget is presented according to the article$-112(1)$ of the constitution. This budget is presented in two types -. $A$. Railway Budget. $B$. General Budget.
    • In common terms budget is financial planning of government. It gives introduction of government activities. It is the mirror which shows which path is followed by government.

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