BUDGET
Budget And It's Types || लोकसेवा खरिदार (Loksewa Kharidar) Notes On बजेट, बजेटका प्रकार, बजेट चक्र, बजेट तर्जुमा प्रक्रिया सम्बन्धी सम्पूर्ण जानकारी
Welcome To This Post
In this post, we will explore the various types of budgets and their significance in financial planning. From personal to government budgets, each serves a unique purpose in managing resources effectively. Understanding these types is key to making informed financial decisions and achieving set goals.
Introduction to Budget
A budget is a financial plan that outlines the anticipated revenues and expenditures of a government, organization, or individual for a specific period, usually a fiscal year. It serves as a tool for managing resources, ensuring fiscal discipline, and achieving economic goals. In a government context, the budget reflects the priorities and plans for national development.
Types of Budget
Balanced Budget
A balanced budget is when the estimated revenues are equal to the estimated expenditures. This ensures that the government does not overspend or borrow excessively.
Surplus Budget
In a surplus budget, the estimated revenues exceed the estimated expenditures. This indicates healthy economic management and can be used to reduce national debt.
Deficit Budget
A deficit budget occurs when the estimated expenditures exceed the revenues. It is common in developing countries where the government borrows funds to invest in infrastructure and public services.
Capital Budget
The capital budget focuses on expenditures for long-term investments such as infrastructure, buildings, and machinery. It is used for developmental purposes.
Revenue Budget
This budget deals with the government's day-to-day income and expenditures, including salaries, subsidies, and maintenance costs.
Budget Cycle
The budget cycle consists of four main phases:
Preparation and Formulation
Ministries and departments prepare budget proposals based on their plans and requirements.
The finance ministry consolidates these proposals and prepares the overall budget.
It involves consultations, data analysis, and priority-setting.
Legislation and Approval
The budget is presented to the legislative body (e.g., Parliament) for debate and approval.
Amendments may be suggested, and the final budget is passed as a law.
Implementation
The approved budget is implemented by government agencies.
Funds are allocated to various departments and projects as per the plan.
Evaluation and Auditing
The actual expenditures and revenues are reviewed.
Auditing ensures that the funds have been used as intended, promoting transparency and accountability.
Process of Budget Formulation (Nirman Prakriya)
Policy Planning and Goal Setting
The government sets economic and development goals for the upcoming fiscal year.
Guidelines for budget preparation are issued to ministries and departments.
Proposal Submission
Ministries and agencies submit their budget proposals based on their estimated needs and past expenditures.
Revenue Estimation
The finance ministry forecasts revenue collection from taxes, non-tax sources, and grants.
Budget Drafting
The finance ministry consolidates the proposals and prepares a draft budget.
Priorities are set, and adjustments are made to balance the budget.
Consultation and Review
The draft budget is reviewed by the cabinet and advisory bodies.
Feedback from stakeholders is incorporated.
Presentation to the Legislature
The finance minister presents the budget to the Parliament for discussion and approval.
Approval and Publication
After approval, the budget is published and made accessible to the public.
This process ensures efficient allocation of resources, promotes accountability, and aligns with the government’s development goals.
In conclusion, understanding the different types of budgets is essential for Loksewa preparation, as questions related to this topic frequently appear in the exams. Having a clear concept of personal, organizational, and government budgets not only enhances your knowledge but also helps in answering questions effectively. Mastering this topic will bring you one step closer to achieving success in the Loksewa examination.
NOTES: https://drive.google.com/file/d/1MoUC2tcpzpNGhpT_UHdScQX7TPP6NuJP/view?usp=drivesdk
Thanks For Visiting Our Blog!! Follow Us for More Notes And Updates Like This .
Post a Comment