The first union budget of independent India was presented by R. K. Shanmukham Chetty on 26 November 1947. Total revenues stood at ₹171.15 crore, and the fiscal deficit was ₹24.59 crore.
The Union finance minister reads out a ‘Budget Speech’ on that day in the Lok Sabha. The Budget Speech highlights the salient points of the entire Budget that may run into several thousand pages. A copy of the Budget is laid in the Rajya Sabha soon after its presentation in the Lok Sabha.
What does a budget contains?
A budget is a spending plan based on income and expenses. In other words, it’s an estimate of how much money you’ll make and spend over a certain period of time, such as a month or year. (Or, if you’re accounting for the incoming and outgoing money of everyone in your household, that’s a family budget.)
Who passed first budget?What is a budget director?
Budget directors are responsible for overseeing how budgets are implemented within an organization and attempt to balance the budget or even create a surplus.
What are the 3 types of budgets?
The three types of annual Government budgets based on estimates are Surplus Budget, Balanced Budget, and Deficit Budget.
What is a key factor in budgeting?
A budget key factor is a factor whose influence on the various budgets should be assessed in order to ensure that those budgets are capable of fulfillment.
What are 4 benefits of a budget?
Benefits of budgeting include providing “guardrails” (i.e., designated limits) for spending, achieving financial goals (if savings is included as a fixed “expense”), and for peace of mind.
Who passed first budget?What is a budget based on?
A budget is a spending plan based on income and expenses. In other words, it’s an estimate of how much money you’ll make and spend over a certain period of time, such as a month or year. (Or, if you’re accounting for the incoming and outgoing money of everyone in your household, that’s a family budget.)
Which state in India has largest budget?
State
Budget (in crore rupees)
FY
Tripura
22,725
2021-22
Uttarakhand
57,400
2021-22
Uttar Pradesh
6,15,519
2022-23
West Bengal
3,08,727
2021–22
Learn about budget in this video:
What is a strategic budget?
What is Strategic Budgeting? Strategic budgeting is the process of creating a long-range budget that spans a period of more than one year. The intent behind this type of budgeting is to develop a plan that supports a long-range vision for the future position of an entity.
Is a budget a financial report?
A financial report is an in-depth report and analysis of how well a company is doing. This type of report includes all of the budgets listed in a budget report, but it also includes a breakdown of assets and liabilities to reveal the company’s net worth.
What is the flexible budget?
A flexible budget is a budget that adjusts to the activity or volume levels of a company. Unlike a static budget, which does not change from the amounts established when the budget was created, a flexible budget continuously “flexes” with a business’s variations in costs.
