BUDGET

Definition

The budget is a plan made for the future, which is made by estimating the revenue and other income and expenses for the whole year. In which the Financial Minister, after estimating his expenditure before the government, makes several plans for the coming year, and presents it to the public during every financial year. An ideal budget is one in which there is no selfishness. In that budget, good plans have been made for the people, business, government, country, multinational organization, one person, family, group and expenses and investments have been made.

Budget according to constitution

According to Article 112 of the Constitution, the President makes annual financial statements before both the Houses of Parliament during each financial year, which contains the details of the previous year's income / receipts and expenses of the government.

The budget prescribes mainly two items -

Expenditure on accumulated funds of the Government of India.

Required amount to compensate for other expenses incurred for the government's accumulated fund.

Apart from this, details of other and revenue expenses have to be given in the budget.

Objectives of Budget

For every year, the government makes a plan in advance. In which the main purpose of the budget would be to collect the sources of income of the government such as collection of different taxes or taxes, income from revenue, government fees-penalty, dividend, interest on the loan given, etc. and all these income back to the public. is :-

To increase the rate of economic growth.

To remove poverty and unemployment.

Removing inequalities and using income in right schemes.

Maintaining price and economic stability in the market.

To keep funds for all other areas like rail, electricity, finance, food grains, food, banks.

Type of Budget

Generally, the annual budget is made by the department allocated in the finance ministries. The final approval of which is given by the President, which is in relation to both the central and state government. The Railway Budget is prepared separately by the Ministry of Railways. There are mainly two types of budgets.

• Central budget
• Railway budget
• Union Budget

The largest budget presented by the central government is made keeping in mind every class of people. Which is also called the general budget, it has all kinds of provisions which are passed in the form of bills. Every year, new budgets are passed along with new rules and laws. There are many small provisions in the Union Budget, for which the budget is made, such as-

Rail Budget

The Railway Budget is presented in Parliament by the Railway Minister during every financial year. In which for the general public,

Many new trains are announced.

E-Railways facilities for travelers.

Declaring facilities in trains and on platforms.

Booking and checking facility through SMS and net.

These are the two mainly made budgets. Which, as far as possible, is made in February. And is declared during the financial year.

Similarly, the budget of the Center, which is applicable to the whole country. But each state has its own separate budget, in which, it makes provision for the state.

Significance of Budget:

Following are the prevailing statements on the importance of financial administration for government administration:

Kautilya - “All work depends on finance. Therefore, most attention should be paid to the treasury. "

Lloyd George- "Government is finance."

Morsten Marx- "Finance in administration is as ubiquitous as oxygen in the environment."

DELEGATIONS OF AUTHORITY

 Meaning of Delegation of Authority

The principle of hierarchy (scalable theory) assists different levels and levels of organization from a continuous series of authority. The heart of this principle is delegation of authority.

Elements of Delegation:

There are three main things covered under delegation, namely the following three major elements of delegation:

1. Assignment of Rights:

Delegation refers to delegation of rights and duties. If any work is to be done by a subordinate employee, then necessary power should also be entrusted to get that work done. Performance cannot be possible in the absence of power transfer.

2. Assignment of Duties:

The higher officer alone cannot perform the entire work. Therefore, distribution of tasks and responsibilities among subordinates is an essential process. The higher officer determines which task is to be assigned to which person.

3. Executing Responsibilities:

It is also necessary to determine the responsibility after delegating the rights and duties. The subordinates are responsible to the higher officials from whom they get rights and duties.

Need for Delegation:

The following factors are primarily responsible for the need for delegation:

1. When there is excess of workload, division of work or division of labor becomes very necessary, otherwise there is no economy and efficiency in performing tasks.

2. Over time, there are technical complexities in organizations that require experts to deal with them. In such a situation it becomes necessary for a higher officer to delegate technical subjects to experts.

3. It is only on the delegation of power to subordinates by higher officer that their morale increases and they get opportunity to learn and gain experience.

4. Flexibility can be brought by removing inertia and orthodoxy in the organization through delegation in changed circumstances.

5. 'Planning' and 'policy making' are the main responsibilities of the high officer. He can perform these obligations successfully only when he delegates other tasks to subordinates.

6. As a result of delegation, it is possible to evaluate how much commitment is there among the subordinates. It is only through delegation that those qualities are developed in subordinates so that they become efficient managers in future.

7. An experienced and qualified administrator is already ready to take up the post after a senior officer leaves office. Delegation is the most effective way to prepare a successor to any high official.

Kinds of Delegation:

Delegation can be done in the following forms:

1. Partial and Complete Delegation:

Delegation of power can be complete or partial depending on the quantity.

2. Restricted and Non-Restricted Delegation:

If the condition is not followed in any delegation made on the basis of any condition, power can be withdrawn. This representation is called delegation. Not so in unrestricted delegation.

3. Formal and Informal Delegation:

Delegation made under the rules in any organization is called formal. Informal delegation is done on the basis of mutual relations.

4. Downward, Upward and Outward Delegation:

In the following delegation, power is delegated to its subordinates; in the upward delegation, power is transferred upwards; in the outgoing power delegation is outward, such as land donation.

5. Direct and Indirect Delegation:

There is no intermediary in direct delegation while in indirect delegation the transfer of power takes place through a third person.

Limits of Delegation:

Delegation also has some limitations, that is, delegation of some rights is not possible.

These rights are as follows:

1. Inspection and control of immediate subordinate employees' names.

2. Right to make rules and regulations.

3. Making new policies and new plans.

4. Appointing higher level and appeals against decisions of subordinate employees. These rights cannot be delegated to anyone else.