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GS3 PYQ (Mains Answer Writing): Budget
Distinguish between Capital Budget and Revenue Budget. Explain the components of both these Budgets (UPSC GS3 Mains)
Introduction
According to Article 112 of the Indian Constitution, the Union Budget of a year is referred to as the Annual Financial Statement (AFS). It is a statement of the estimated receipts and expenditure of the Government in a financial year (which begins on 01 April of the current year and ends on 31 March of the following year).
Objectives of Budget:
- Reallocation of resources
- Reducing inequalities in income and wealth
- Contributing to economic growth
- Bringing economic stability
- Managing public enterprises
Components of government budgets:
TOPICS covered - revenue and capital expenditure
The document GS3 PYQ (Mains Answer Writing): Budget is a part of the UPSC Course Indian Economy for UPSC CSE.
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