India Budget 2018
A Budget Deficit And its Implication in Indian Economy
India budget is presented in parliament on a date fixed by president. Part A of budget deals with general economic survey of country while part B relates to taxation proposals.
Our financial Minister is required to submit the budget in parliament usually on the last day of February so that the Lok Sabah has one month to review and modify the budget proposal.
If by April 1, the beginning of the country’s fiscal year, the parliament discuss on the budget is completed, then only the budget as proposed by the finance minister come into effect.
“A government budget is an annual financial statement showing item wise estimates of expected revenue and anticipated expenditure during a fiscal year.”
Just as your household budget is all about what you earn and spend, similarly the government budget is a statement of its income and expenditure. In the beginning of every year, government presents before the Lok Sabha an estimate of its receipts and expenditure for the coming financial year.