Which of the following statements is/are correct about the Union Government budget in India?
- The Budget reflects the vision of the government in fulfilling the aspirations of people.
- The Budget is the summary report of the financial performance of the government in power.
- The Budget provides details of expenditures meted out by various Union Government ministries.
Show answer & explanation
Correct answer: A
Explanation
The correct answer is Option 1 i.e. All a, b and c.
The Union Government budget in India is not just a financial document but also a policy statement. It reflects the government’s vision, priorities, and strategies to meet the aspirations of the people. It includes a summary of the government’s financial performance, showing revenues earned and expenditures incurred during the past year. Additionally, it provides detailed allocations and expenditures of various Union ministries, outlining how resources will be used for development, welfare, and administrative purposes. Thus, it serves both as a performance review and a future action plan.