<h5>What is the budget?</h5>  <p>A budget is similar to a financial plan. Suppose you have 100 rupees and wish to spend some of it now while saving some for later. A budget helps you in determining how much money to spend on each item you desire or need, such as food, toys, etc. For example, you may spend 50 rupees on food, 30 rupees on a toy, and 20 rupees on savings.</p>
<p>This way, you can ensure that you have enough money for the things you want while saving some for the future. Similarly, the government of India also comes out with a budget every year. The Union Budget is a big plan for how the Indian government would spend the money that it earns from taxes and other sources in the coming year.</p>
<p>The government spends this money on things that are necessary for the country and its people, such as building roads, schools, and hospitals, helping farmers, etc. The Union Budget also helps the government in ensuring that it has enough money to complete what it needs to do while also saving some for later.</p>
<p>Recently, on 1st February 2023, India’s Finance Minister, Nirmala Sitharaman, presented the Union Budget.
</p> <h5>What is the history of the Indian budget?</h5>  <p>The Budget was first presented to the British government in India on 7th April 1860, by economist James Wilson of the East India Company. The first budget of independent India was presented on 26th November 1947, by then-Finance Minister RK Shanmukham Chetty. Former Prime Minister Morarji Desai holds the record for delivering the most budgets in the country's history.</p>
<p>During his term as finance minister from 1962 to 1969, he presented 10 budgets. He is followed by P Chidambaram (9), Pranab Mukherjee (8), Yashwant Sinha (8), and Manmohan Singh (6). Until 1999, the Union Budget was delivered at 5 p.m. on the last working day of February which was later changed to 11 a.m.</p>
<p>In 2017, Arun Jaitley presented the Union Budget on February 1 and that practice continues. Nirmala Sitharaman became the second woman to present the budget in 2019, following Indira Gandhi, who did it for the year 1970-71. Also, the COVID-19 pandemic made the 2021-22 budget paperless which continues till now (instead of paper, an iPad is used).
</p> <h5>What is the objective of presenting the Union budget?</h5>  <p>The overall goal of the Union Budget is to ensure our country's quick and balanced economic growth while also promoting social justice and equality. It ensures that resources are distributed efficiently to promote public welfare.</p>
<p>Another goal of the Union Budget is to eliminate poverty and provide job opportunities. This would ensure that every citizen of the country has access to basic necessities such as food, shelter, clothing, health care, and education. The budget is also used to decide how much tax a person has to pay.</p>
<p>It also helps to control economic fluctuations like inflation, resulting in economic stability.
</p> <h5>What did we learn from this article?</h5>  <p>In this article, we learned why the Union Budget is important for our country. The budget can also teach one the value of planning and making sensible financial decisions. One can also learn how the government spends money on various things that can help shape the economy of the country.</p>

A budget is an integral part of a country’s economy. Recently, the Union Budget was presented by India’s finance minister, Nirmala Sitharaman. Let’s read to find out more.

Explained: What Is the Budget?

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Explained: What Is the Budget?

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