Budget is the annual financial statement of income and expenditure of government. The Constitution of India has a provision (Art. 112) for such a document called Annual Financial Statement to be presented in the Parliament before the commencement of every new fiscal year—popular as the Union Budget. The budget is prepared by the Budget Division Department of Economic Affairs of the Ministry of Finance annually.
OUTCOME BUDGETING
This reflects the endeavour of the Government to convert “Outlays” into “Outcomes” by planning expenditure, fixing appropriate targets and quantifying deliverables of each scheme. The “Outcome Budget” is an effort of the Government to be transparent and accountable to the people. Outcome budget symbolizes a shift from traditional budgeting in the sense that it goes beyond budgeting by inputs (how much can we spend) towards budgeting by measurable outcomes (what can we achieve with what we spend).