Budget is a statement of estimated receipts and expenditures of the government in respect of every ___________.
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. financial year.
- According to Article 112 of the Constitution, the Government of India is required to present a statement detailing the anticipated receipts and expenditures for each fiscal year, spanning from April 1st to March 31st.
- This statement reveals the government's fiscal policy priorities, emphasizing economic growth and stability.
- Typically crafted on an annual basis to align with the financial year, a Balanced Budget occurs when government spending matches its revenue.