Union Budget

To know about union budget or any sort of budget, first of all, we should know the notion & significance of budget. A budget is basically "an organized planning of intended expenditure & revenues for the upcoming year before the last working day of February of each year", presented by finance minister of India to the Lok Sabha (lower chamber) in parliament.

Union budget is also known as the general budget because it covers & determines the maximum area of intended expenditure. Even after 60 year of independence, India is listed in third world countries because Indian soil is facing various economic troubles from a long time. It includes starvation, unemployment, illiteracy, and unavailability of shelter, food, and many more. For the eradication of these evils, our contemporary nation builders are struggling & proposing various schemes & programmes. Some of them are Mid-Day Meal Scheme, Sarva Shiksha Abhiyan, Antodaya Anna Yojna and many more. All these schemes and programmes function under the guidance of central government with the financial support of union budget. Apart from all these, Indian government expense heavy expenditure on defense, this also comes in union budget.

So, the basic idea is budget determines the expenditure & revenue of every year & the parliament will approve the union budget before the commencement of India’s fiscal year which starts from April 1st.