Question

State the importance of Union Budget.

Answer 1

Answer:

The Union Budget aids in controlling the economic fluctuations as well. It ensures proper handling of inflation and deflation, thus bringing about economic stability. During inflation, surplus budget policies are implemented, while deficit budget policies are devised during deflation

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Answer 2

The budget helps in proper handling of economic elements.

• The budget falls under  Article 112 of the Indian Constitution.
• It is a comprehensive report of government's estimated receipts and expenditures for a specific term. It is important as -

1. The budget contributes in the control of economic swings.
2. It ensures that inflation and deflation are properly managed, resulting in economic stability.
3. Surplus budget policies are used during inflation, while deficit budget policies are used during deflation.
4. It also employed to control business fluctuations  for the achievement of goal of economic stability.