BUDGET

1. WHAT IS BUDGET ? Budget is the estimate of

income and expenditure for a future period as
opposed to an account of which records financial
transactions . Budget is an essential element in the
planning and control of financial affairs of a national is
made necessarly because income and expenditure do
not occurs simultaneously i.e income or revenue
receipts and expenditure are do not always consider.
2. Who will prepare the budget ?

The financial minister ( NIRMALA SITHARAMAN )

issues guidelines based on which ministry present
their demand . The budget division of the
department of economic affairs in the financial
minister is the responsibility for providing the
budget.
3. Where the budget will prepare ?

The union budget refered to as the annual

financial statemet in article 112 the constitution
of INDIA is the annual budget of the republic of
INDIA. each year on the first day of february by
the finance minister of INDIA in parliment.for
2019-20 on july 5 in loksabha at 11:00 am this
will be first budget of MOdI governament .
 4. How the budget will prepared ?
The budget will prepared by a calculative process between the financial minister and the spending ministries . The
financial ministers while spending ministries plan and their requirements for budget allocations.
Budget is issued in the month of september during the budget cycle it makes the begining of the budget process .
 5. Why is it important ?
Any political party in which from government in the
centre has certain social political and economical
responsibilities in countries with deep cultural religious
and economic diversity such as INDIA it is extremely
important for the government allocate resource wisely
various factors uplifting underprevilised section of the
society facilitating financial inclusion,upgranting
detence capabilities providing proper educational and
much more need to be focused on the therefore the
well planed budget is important.