- A government budget is an estimate of income and expenditure.
- It is for a future period, generally a financial year.
- Essential for Economic Governance because:
- Article 265: No tax can be levied without authority of law.
- Article 266: No expenditure can be incurred without legislative authorization.
- Government seeks Parliament’s approval for taxes (Finance Bill) and expenditures (Appropriation Bill).
- It outlines the government’s financial plan and priorities.