Have you ever received pocket money from your parents? It may be for doing some chores or helping out a neighbour, assisting mama and papa in day-to-day activities or even as a birthday gift. If yes, you must have had dreams on how to spend it— The list would go on something like this…..Some chocolates? A beautiful doll or toy? A lovely book? Some wise children may even save it for future use, putting it away carefully in a piggy bank.
What is a Budget?
A budget is an elaborate plan for sourcing the money and spending for various welfare and infrastructure projects of the country. This is very important for the overall development of the country. Well, just like that, our country also needs money. The Indian government then puts forth plan to get and use this money wisely for the welfare of the country. This plan is called the Indian Budget.
The features of a Budget can be explained in simple words in the following manner: The money which you get from your parents is inflow or source; the money you spend is the outflow. If the money you get is less than the money you spend, it is called a deficit budget. In other words, you have spent more than you have. If you are left with money after you spend it for your needs, then it is called surplus budget. As a child, you need to plan to spend your pocket money and the money you save in your piggy bank after this is your savings. So budget should be your way of life!
Indian Budget
The Finance Minister of India presents the Indian Budget. The proposed receipts and proposed payments for 1 year are planned and executed and this constitutes the Indian Budget. Just like how your parents earn money from their jobs, the government also earns money, but in various ways. The inflow of money constitutes receipts from taxes like income tax GST, duties, issue of bonds or shares and other assets.
Now, how does the government plan to spend the collected money? What are the various welfare schemes which the government uses it for? The government spends money on education, healthcare, defence, infrastructure and other welfare programs for the poor and needy.
Importance of Budget
The government needs to plan its money wisely so that all the needs of the country is taken care of as well as save money for future country needs. A good budget ensures that the country grows, people get jobs and everyone has a better quality of life.
Interesting Fact about Budget
Did you know that the Finance Minister of India announces the budget every year, typically on February 1st. It is presented in the Parliament and is the most anticipated speech as many people, including business owners, students and families eagerly wait to see how it will affect their lives.
Conclusion
Just like how children learn to save money and spend their pocket money prudently, the government also meticulously plans to use the country’s money wisely. A well-planned budget is important to help India grow and become stronger. So, next time you hear about the Indian Budget, you will know exactly what it means!
SAVE MONEY AND MONEY WILL SAVE YOU!