After reading this article you will learn about:- 1. Meaning and Definition of Budget 2. Features of a Budget 3. Canons 4. Classification. Meaning and Definition of Budget: The word "Budget" as applied to public finance was traced by Cannan to an anonymous pamphlet, enlilled. The Budget Opened, attacking the policy of Walpole while Chancellor of the Exchequer and likening [...]
This article throws light upon the six main concepts of government deficits. The concepts are: 1. Budgetary Deficit (BD) 2. Monetized Fiscal Deficit (MFD) 3. Gross Fiscal Deficit (GFD) 4. Net Fiscal Deficit (NFD) 5. Gross Primary Deficit (GPD) 6. Net Primary Deficit (NPD). Government Deficit: Concept # 1. Budgetary Deficit: In India, the budget deficit is measured as the [...]
This article throws light upon the three steps involved in the framing of budget. The steps are: 1. Preparation of the Budget 2. Legislation of the Budget 3. Execution of the Budget. Framing of Budget: Step # 1. Preparation of the Budget: The Budget is prepared usually for a year. The selection of the financial year and fixing a date [...]