Question

I need an essay on your views on current budget

Answer 1

India is predominantly an agricultural country where two-thirds of the total population is supported for livelihood by agriculture. It is the single largest private sector occupation providing employment to nearly 60% of the country’s work force. Agriculture makes single contribution to Gross Domestic Product (G.D.P.) of the country and accounts for nearly one-fourth of the total product. Share of agricultural products in country’s total export earnings is nearly 15%.Furthermore,agriculture provides basic raw material to a number of industries such as textile industry, silk, sugar, rice and flour mills, milk products, beverages, and food products etc. Horticulture, gardening, animal husbandry, dairy, fisheries are its allied sectors. Out of total geographical area of 329 million hectare, are under agriculture crops amounts to nearly 190 million hectare out of which barely 57 million hectares is irrigated. It is a pleasant surprise that after 60 years of independence India’s finance minister Shri P. Chidambaram presented 2008-09 budgets, his fifth straight budget focused on agriculture. The budget is not only a blanket waiver on farm loans amounting to Rs.60,000 core covering some 40 million farmers but also paid due attention towards major irrigation projects. Social sector was another major benefactor in the budget.
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Answer 2

The term ‘budget‘ was derived from an old English word Bougett which means a pouch or sack. In fact, it was a leather bag from which the British Chancellor of Exchequer (in charge of finance) took out his papers (which contained government financial programme for the coming year) to present to the Parliament.

But now it came to mean the paper themselves and not the bag or briefcase which contained these papers. C. P. Bhambhari says, “The term in its present sense was used for the first time in 1773, in a satire entitled ‘Opening the Budget’ directed against financial plan of Walpole who was the then British Chancellor of Exchequer.

Meanings and Definition of Budget—various thinkers defined budget in their own way. According H. R. Bruce “A budget is a financial statement, prepared in advance of the opening of a fiscal year, of the estimated revenues and proposed expenditures of a given organisation for the coming fiscal year.”

In other words “Budget is a detail of estimated revenues and expenditures. It is comparative chart of revenues and expenditures and over and above this it is an authority and direction of the competent authority given for the collection of revenues.

A prominent scholar defines budget as such “The budget in modern state, is a forecast and an estimate of all public receipts and expenses. It is financial plans which summarize the financial experience of the past and presents a current plan for a specified period of time in future”.

Thus “Budget is plan of financing for the coming fiscal year. It has two parts an itemized estimate of all revenues on the one hand and all expenditure on the other hand.”