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The concept of Zero-Based Budgeting was introduced in which Union Budget?
- a)2018-19
- b)2017-18
- c)2016-17
- d)2015-16
Correct answer is option 'C'. Can you explain this answer?
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The concept of Zero-Based Budgeting was introduced in which Union Budg...
Explanation of Zero-Based Budgeting in Union Budget
- Introduction of Zero-Based Budgeting: Zero-Based Budgeting was introduced in the Union Budget of 2016-17.
- Definition of Zero-Based Budgeting: Zero-Based Budgeting is a budgeting technique where all expenses must be justified for each new period. Unlike traditional budgeting methods that only consider incremental changes, zero-based budgeting starts from a "zero base" and every function within an organization is analyzed for its needs and costs.
- Objective of Zero-Based Budgeting: The main objective of zero-based budgeting is to reduce wasteful spending and ensure that all expenses are necessary and efficient.
- Implementation in Union Budget: By introducing zero-based budgeting in the Union Budget of 2016-17, the government aimed to streamline budget allocations, prioritize spending on essential services, and improve overall fiscal discipline.
- Impact of Zero-Based Budgeting: Zero-based budgeting has helped the government in identifying areas of inefficiency and reallocating resources to where they are needed the most. It has also encouraged better accountability and transparency in budgeting processes.
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The concept of Zero-Based Budgeting was introduced in which Union Budget?a)2018-19b)2017-18c)2016-17d)2015-16Correct answer is option 'C'. Can you explain this answer?
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