In India, budget is called as Union Budget
as it is a union of states. The budget was introduced in India on April 7th, 1860.
Types of Budget
- Balanced Budget : Estimated revenue and expenditure is same.
- Surplus Budget : Estimated revenue greater than estimated budget.
- Deficit Budget : Estimated revenue less than estimated budget.
Budget stages in Indian Parliament
- Budget presentation.
- General discussion on budget.
- Standing committees scrutinizes the demand for grants.
- Voting on demand for grants.
- Passing appropriation bills.
- Passing finance bills.
- James Wilson is the father of Indian budget.
- Indian budget is always deficit budget as the government doesn't have abundant money for the welfare of the people.
- Foreign Direct Investment (FDI) is an investment by an individual or firm in a country from other country.
- Purchasing Power Parity (PPP) is a theory that compares different currencies.
- Gross Domestic Product (GDP) is the total market value of goods and services in a country in the span of certain period of time (measures country's income).
- In general, the measure of the standard of living is GDP per capita.
- The Central Statistics Office (CSO), under the Ministry of Statistics and Program Implementation is responsible for calculating GDP in India.