Document Summary
The term budget" has been derived from the french word bougette" which means a leather bag or purse. Finance ministers used to carry the financial proposals in a leather bag. Budget can be defined as an annual statement of the estimated receipts and proposed expenditure of the government over the fiscal year . Institution constitution defines the budget in the following words: budget means the annual financial statement containing an estimate of all anticipated revenue and expenditure of the government for the coming financial year . In india, the financial year starts form the i st april and ends on the 31 st of march next year. Every government will have may policies to implement. Implementation of policies involves expenditure by the government (public expenditure). To meet this expenditure, revenue (public revenue) has to be raised. We have seen that the budget is an annual statement of the proposed expenditure and estimated revenue of the government.
