Backbone of every country is may be perceived as sufficient budget because it is almost impossible to run a healthy government with proper functioning without financial support. Some time governments face monetary problems due to internal political unsteadiness or any public revolt. In such situation if government is unable to carry out budgetary responsibility in proper way so there could be three major problems. These are as follows.......
Budget Deficit
Generally government construct sufficient budget taking into consideration all the needs, requirements and other future plans of country but if entity or government spends more money than granted money, it may be called budget deficit.
Budget Crisis
Budget crisis may occur due to inconsistency or lack of unanimity in the government. Apart from these, there could be several reasons but the major reason is lack of consent.
Budget Surplus
Budget surplus is just opposite of budget deficit. If government allocate budget to the departments and it is more enough than need, it may be called as budget surplus.
Indian budget is presented by finance minister of country to the lower chamber known as Lok Sabha in the parliament on the last working day of February. This budget has to be approved before the commencement of India’s fiscal year that is April 1.
Some important facts about Indian Budget are enlisted below: -
| First Finance Minister of India |
: Liaquat Ali Khan |
| Maximum Time Elected as Finance Minister |
: Morar Ji Desai |
| Economic Liberalization Commenced by |
: Dr. Manmohan Singh |
| Total Number of Finance Minister since Independence |
: 24 |
| Current Incumbent |
: P. C. Chidambaram |
