Hayat Ashraf

Government budgeting plays a crucial role in the Indian economy as it determines the allocation of financial resources and sets the fiscal policy direction. The government budget outlines its revenue and expenditure plans for a specific period, usually a fiscal year. Here's an overview of government budgeting in the Indian economy: 1. Types of Budgets:    a. Union Budget: The Union Budget, presented annually by the central government, covers the entire country and encompasses revenue and expenditure plans of the central government, including both central ministries and departments.    b. State Budgets: Each state in India prepares its own budget, which outlines the revenue and expenditure plans specific to that state. State budgets cover various sectors such as education, healthcare, infrastructure, and social welfare. 2. Revenue Sources:    a. Tax Revenue: Taxes are a significant source of revenue for the government. It includes direct taxes (income tax, c...