Types Of Budget And Their Significance | UPSC Economy

There are two types of budgets. The Union budget and the State budget. Each of them has important significance in the country’s economy. 

Union budget is the central government’s budget that covers expenses of the entire country. It is presented by the finance minister in Parliament every year. The Union budget covers expenses of various government programs, policies, and initiatives like education, health care, infrastructure and many more. It also includes revenue from taxes and other sources.

The State budget is the budget for individual states in India. Each state has its own finance minister who present the budget for the state in the state legislative assembly. The state budget covers expenses of the state government’s programs and initiatives. It also includes how the state government plans to allocate the funds to various sectors.

As mentioned above, the Union budget and the state budget are very important in the country’s economy. The budgets determine how the government will invest in various programs and initiatives. 

It is important for citizens to understand the budgets and participate in the budget-making process. It can be done by providing feedback and suggestions to to the government. By being involved, citizens can help ensure that the budgets reflect the needs and priorities of the fellow citizens and contribute to the overall progress and prosperity of the country.

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