Question

what is the importance of budget in the government

Answer 1

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Government and not-for-profit budgets are very important because they are the culmination of the political process and contains most of the organization's important decisions.

In the governmental environment, budgets take on greater importance, because they provide the framework in which public resources are spent. 

From an accounting and financialreporting viewpoint, budgets in government are a key component in achieving the accountability objective described in Chapter 2.
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Answer 2

A government budget is an annual statement of the estimated receipts and expenditure of the government over a fiscal year.

(i)Economic growth: To promote rapid economic growth so as to improve living standards of the people.

(ii)Reduction of poverty and employment: To eradicate mass poverty and unemployment by creating maximum employment opportunities and providing maximum social benefits to the poor. Social welfare is the single most objective of the government.

(iii) Reallocation of Resources: To reallocate resources with socialand economic objectives.

(iv) Reduction of inequalities: To reduce inequalities of income andwealth through levying taxes and granting subsidies. More emphasis is laid on equitable distribution of wealth and income. Economic progress is nota sufficient goal.There shouldbe equitable distribution of wealth in the economy.(v) Price stability: To maintain price stability and to correct business cycles involving depression characterised by falling output andprices. (vi)Management of public enterprises:To manage public enterprises which are of the nature of monopolies like railways, electricity etc.