Why is budget important for the common man? Know how it directly impacts you

Why is budget important for a common man: The Union Budget brings up the big question of what new the government plans to introduce in budget documents, or 'bahi khata' that can’t be overemphasised.

Why is budget important for a common man: The budget is as important for the common man as it is for the government of the country. Image: Unsplash

Why is budget important for a common man: The Union Budget brings up the big question of what new the government plans to introduce in budget documents, or 'bahi khata' that can’t be overemphasised. How will the financial accounts be this time? What will the budget bring to the table of the common man? Ever wondered how the budget directly affects us and you? Do new policies and announcements that the government makes affect the common man in some way or another?

The budget is as important for the common man as it is for the government of the country. For instance, the budget of any family is prepared so that its household expenses can be known. Similarly, that is how the country's budget is made. It helps in deciding the household budget. In the budget presented every year, the government focuses specifically on those areas that can help boost employment and the economy. Allocation is made for such sectors.

The most important objective of making the budget is that the money allocated should reach where it is needed most. Welfare schemes are included for the common man. Also, there is a provision for income tax or personal tax in the budget. This shows where the public got relief on the tax front or where the burden has increased.

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Economic inequality is a matter of great concern for any economy, and in such a situation, the budget is the only opportunity for the government to implement policies that can contribute to the all-round development of the country. The government can try to eliminate inequality through welfare and economic policies. The weaker sections of the country are provided support through the budget.

While the budget is prepared, the government identifies the weak areas. This helps in the allocation of resources, which is the basic reason for making a budget. With this, the government is able to decide what kind of policies are needed and which areas benefit the common man.

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