Press the Bell Icon to never miss a video from Testbook.com Hello Friends & welcome to this video. In this video we will talk about budget. What is Budget & its importance? First of all we will tell you about budget in layman language. Budgeting means proper allocation of money. The planning of this expenditure is budgeting. It is also known as Spending Plan. Budget or Spending Plan helps you to plan in advance. You can plan in advance those things that you wish to do or you have to do. Why is budget important or useful? If you don’t have enough money that you require for your expense then you need to do the planning. Budget will help you prioritize your spending and you will spend your money at things that are important. Now let’s talk about Government Budget or Annual Financial Statement of the country. Government Budget is a yearly financial statement. In this government gives you full statement of revenue and expenditure which is passed by Legislature and is approved by Chief Executive or President. Government Budget is presented by Finance Minister. Government Budget is also known as Annual Financial Statement of the country. Government Budget comprises of estimate of things and total calculation of the expenditure. Let’s talk about 4 important specifications of Budget. Budget is the total estimate of all the Government Expenditure. Budget is designed for one complete year. Via Budget, Government explains about all the yearly expenditures & income. For a budget to get implemented, it needs to get passed through Parliament Assembly or any Authority. Now let’s talk about the objective of Union Budget. One important objective of Union Budget
is to gauge the Economic Growth. Along with this eradication of poverty & unemployment is also the objective. Another important objective of Union Budget is Redistribution of income & reduction of inequality. Along with that reallocation of resources and bring economic stability. Another important objective is the finance and management of private enterprises. This was a brief overview of Union Budget. You will be ready for the upcoming Union Budget with this information. We hope the upcoming Union Budget comes out to be really efficient. We will be doing a video on the new Union Budget on our channel! Till then, stay tuned & subscribe Testbook’s Youtube Channel! Do not forget to click on the Bell Icon. Like this video & share it with your friends. You can share your suggestions on the topic for new videos in the comment section below. Thank you for watching this video &All The Best for you exams.