IEcoS (Economic Services) Indian Economics Budgeting and Fiscal Policy-Fiscal Responsibility and Budget Management (FRBM) Act Study Material (Page 1 of 3)

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Public Budget Kinds of Budgets, Types of Budgets

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The budget is defined as the annual statement of estimated receipts and expenditures of the government for a given accounting year.

Types of Budgets

  • Executive and legislative budgets: the executive budget is the one which is prepared by the chief executive with the help of the budget department or The Bureau.
  • It is presented to the Legislature branch of the government it for the translation to be done into legislation.
  • Such type of a budget has to be passed and adopted by the legislature branch of the government but the initiative lies with the government.
  • On the other hand …

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Zero Bases Budgeting, Features of Zero Base Budgeting

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  • Zero base budgeting is an innovative technique which is undertaken in order to check the wastage of Expenditure.
  • Though, the idea of zero base budgeting was quite old but the term have been in use recently.
  • The concept of zero base budgeting can be traced back in 1924 in the writings of be noted English authority Hilton young stressed upon the need for annual justification of the budget programme.
  • But this was first time applied experimentally in the US department of agr…

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