What is Union Budget all About?
<p>Today is the day when Union Finance Minister Nirmala Sitaraman is already Presenting the Union Budget 2023 in Parliament. But what is the Union Budget all about? Why it is important to know about the country’s budget being a citizen of the Country? Let’s Find out..Must Read : After Tunisha, Avneet Kaur to play Shehzaadi Mariam in Ali baba-Daastan-E-Kabul?What is Union Budget: A Union budget is all about the estimation of revenue and expenditure of the Central Government over a specified period of time which is usually one year. Every sector would be allotted a particular amount of Budget in order to work for that particular period of time. Union Finance Minister of India Nirmala Sitaraman is Presenting the whole Budget in Parliament House.Union FM Nirmala Sitharaman arrives at Parliament.#NirmalaSitharaman #BudgetSession #Budget #BudgetSession2023 #budgetday #India #news #NewsUpdates #budget2023 #ottindia pic.twitter.com/ConceEcybi— OTT India (@OTTIndia1) February 1, 2023 Why Doe</p>
12:58 PM Feb 01, 2023 IST
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Today is the day when Union Finance Minister Nirmala Sitaraman is already Presenting the Union Budget 2023 in Parliament. But what is the Union Budget all about? Why it is important to know about the country’s budget being a citizen of the Country? Let’s Find out..
What is Union Budget:
A Union budget is all about the estimation of revenue and expenditure of the Central Government over a specified period of time which is usually one year. Every sector would be allotted a particular amount of Budget in order to work for that particular period of time.
Union Finance Minister of India Nirmala Sitaraman is Presenting the whole Budget in Parliament House.
Why Does India work on a Budget?
The government works on 2 main objectives by deciding a particular budget every Financial Year :
1. The Government of India estimates the expected expenditures for developmental works in different sectors of the economy e.g. Industry, Manufacturing, Education, Health, Transport, etc.
2. To meet the expenditures for the coming financial year, the Government tries to work out the sources of revenue. ( i.e. by imposing new taxes or increasing or decreasing the previous rates of taxes, or removing or imposing subsidy on any commodity.
Basically, the Government makes a decision in order to keep it sorted about the expenditure to be incurred on which commodities primarily and how the money is going to be arranged for these expenditures. The details of such income and expenditures statements are known as ‘Budget’. Each budget is made for a specified duration.
Main Objective of Union Budget:
As India is a vast country, in order to manage the finance and allocation of required resources to each sector in order to work efficiently Union Budget is being prepared by the Ruling Government. The objective is to ensure efficient allocation of resources, reduce unemployment and poverty levels, reduce wealth and income disparities, keep a check on prices, and change the tax structure.
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