Question

Economics project on government budget and its components​

Answer 1

Answer:

A government budget is an annual financial statement showing item wise estimates of expected revenue and anticipated expenditure during a fiscal year.”

Just as your household budget is all about what you earn and spend, similarly the government budget is a statement of its income and expenditure. In the beginning of every year, government presents before the Lok Sabha an estimate of its receipts and expenditure for the coming financial year.