Introducing Budget

The term "Budget" is derived from the French work "Bougette" meaning purse. It generally refers to a list of all proposed incomes and expenses of the Government. Under Article 202(1) of the Constitution of India, a statement of the estimated receipts and expenditure of the stte has to be laid before the legislature in respect of every financial year. This statement is known as "Annual Financial Statement" (AFS) or popularly known as Budget. In Indian federation, budget is having two layers - State Budget and Central Budget. Central Government presents its budget on the last of February every year. However, the State Governments do not follow any specific date. Recently there is an attempt to have uniform budget system for all the third tiers of Local Government in country. Budget of a State Government is generally presented in the Legislative Assembly in last week of February or first week of March every year.