Interim Budget

Economics is the study of the implication of scarcity on the use of production of goods, resources and services. An Interim Budget is conceived as the budget that is presented by the government of any country in the form of transitions pooped in the general elections. This budget can represent the full union budget of the election year. The interim budget can be presented by the firm, which is a summary of the main budget. If there is no time to present the full budget because of the election the government can present an interim budget. The interim budget can be estimated by the government that is ruling the country before the Lok Sabha elections every 5 years.

Interim budget

An interim budget has been presented by a government that is going through a transition period. It may also be that the government is in its last year in office and a general election is ahead. Traditionally speaking, an incumbent government cannot present a full Union Budget in the present election year. It has been seen that there are three types of budgets in the history of economics. They are- the “surplus budget, a balanced budget, and deficit budget”. It can be said that the preliminary budget is one of the early stages of the budgeting cycle. The owner can review and formulate a budget in its preliminary preparation. In the preliminary stage, a budget can forecast current costs into the future and current costs. 

It has been seen that the Interim budget has been held after every 5 years and this is considered to be a progress report card of the expenses and income that has been earned in the past year. A working budget is necessary for the field of economics and it is one kind of budget that has been prepared and consulted on a daily, weekly, and monthly basis. There are four phases of the budgeting cycle such as “budget preparation, budget authorization, budget execution, and accountability”. In the case of preparing a static budget, an amount has to be set for revenue and expenses. On the other hand, a tentative budget means the budget that has been prepared initially.        

Difference of Interim budget and annual budget

The government has presented an Interim budget where they do not have the time to present the full budget. It mainly occurs in the time around the election when the government has no time to present the budget. As per the tradition of the government, a full budget of the matter has been presented after the election. It has been seen that the present matter of interim budget has been done for making the upcoming government a full budget. Therefore the idea can be drawn that an interim budget is technical just like the full budget but it has been applied only for a temporary period. It has been seen that like the Union budget, it contains a complete set of accounts and it includes expenditure and receipts.

The full budget or the annual budget has been done on the basis of the growth of the current year. On the other hand, an interim budget is considered to be a temporary budget. There lies the difference between the annual budget and the Interim budget. There are different types of budget in the study of economics just like- the financial budget, Operating budget, Labor budget and many more. It has been seen that an interim budget has been presented under the ruling of the government before the general Lok Sabha election. Therefore the idea can be drawn at the aspect of the Interim Budget that is most important in the history of Economics and the bank aspect.       

Discussion on the concept of the circumstances of Interim budget

The interim budget is copied as the important concept that is used to document the detailed documentation and presentation of each expense of the 5 years. It helps to document every rupee that has been earned from taxes. The present government needs to document the finance and the expenses of the country and it is earning through texts until the next person comes in as an insider in the next year. It is a different budget calculation that helps to decide the finance of the country and the taxes that are paid. 

Conclusion 

The various aspects of economics and its relevance has been understood with the help of the present study. The concept of the Interim budget has been clearly understood with the help of the present study. The concept of an annual budget has been clearly understood with the help of the present study. The difference between interim budget and annual budget has been briefly discussed in the present study. The circumstances of the buffet have been clearly discussed here in the present study. Various concepts of the interim budget have been discussed here in the study.