There are two types of budgets. The Union budget and the State budget. Each of them has important significance in the country’s economy. The union budget is the central government’s budget that covers the expenses of the entire country. It is presented by the finance minister in Parliament every year. 

Union Budget

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.

State Budget

The State budget is the budget for individual states in India. Each state has its own finance minister who presents the budget for the state in the state legislative assembly. The state budget covers the 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. 

Budget Process

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 the government. By being involved, citizens can help ensure that the budgets reflect the needs and priorities of their fellow citizens and contribute to the overall progress and prosperity of the country.

Also Read

• How to Solve MCQs: 11 Proven Tips to Ace Your Exams
• Revision Techniques and Strategies: How to Learn Effectively | UPSC CSE

Follow Us For More Content On:

https://www.instagram.com/topperment/

https://www.facebook.com/TopperMent

https://www.youtube.com/@topperment