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Definition,Meaning and Importance of Budget (in Hindi)

Lesson 1 of 13 • 68 upvotes • 9:31mins

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Vikas Kumar Singh Tomar

Article 112 of the Indian Constitution says that every year “the President of India shall cause to be laid before both the houses of the parliament” the “Annual Financial Statement”. This is popularly known as Budget. “cause to be laid” here means that the person through whom President acts, is Finance Minister of the country, who is known as the custodian of the nation’s Finances. The Budget gives the complete picture of the estimated receipts and expenditures of the Government of India for that year. This picture is actually based upon the budget figures of the previous years. In all budget documents, generally budget figures of three years are used. For example, if we are studying the budget of 2017-18, then this set would be made up: Actuals of 2015-2016 Budget Estimates of 2016-2017 Revised Estimates of 2016-2017 Budget Estimates of 2017-2018

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