Economics

135 major countries including USA under the grip of four crisis Collapse of Sri lanka 2020 and afterwards Collapse of Nepal and many more after Nepal According to WTO report - Sooner or later,  Egypt,  Greece,   Turkey , Argentina, Peru, kenya,  South Africa and more than 100 countries  will going to collapse including the Super natural power USA.  World crisis • PERU   : food and fuel crisis.  • ARGENTINA  : food,  fuel,  financial crisis.  • SOUTH AFRICA  : increasing debt graph • KENYA : negative GDP growth International organisation -The WORLD BANK  :World Bank warns of debt crisis for developing nations.  - UN chief  warns of coming debt crisis for world beforehand. 4   CRISIS IN THE WORLD 1) Food crisis : Severe food crisis in countries is primary reason of world crisis.  • EGYPT  has only supply of wheat for two months at the present  time.  • IRAQ  has more than...

PUBLIC BUDGET Meaning : A budget is a plan for the accomplishments of programmes related to the objective and goals within in definite time period including an estimate of resources required together with an estimate of resources available , usually compared with one or more past periods and showing future requirements.Budget is a statement of annual receipt and expenditure of the government as expected over the financial year. It also includes government report on its financial performance over the past one year.  Characteristics a) Comprehensive : Thus quality insists that budget must exhibit all revenue and expenditure relating to government transaction. It is called as the rule of unity. Thus principle insists that there myst be single fund and all money collected myst be accumulated into consolidated fund. Thus resume ensures simplicity and efficiency in government transaction. b) Equilibrium : The balancing of revenue and expenditure is rightly deemed ti be the essence of a...

PUBLIC BUDGET  CANONS a) Executive programming : Being the programme of chief executive ,the budget should reflect all government responsibilities and activities. The social , economic and political programmes of government should be clearly unveiled in budget programme. Then only it become work programme for onward execution. Therefore it should be under the direction supervision if the executive. b) Executive responsibility : Chief executive should ensure that that departmental programme planned are capable of fulfilling the desire and intention of legislature. Moreover economy just be observed to the possible extend in the execution of the budget programme. c) Reporting :All budgetary procedures like preparation,enactment and execution of programmes must be based upon authentic data and information gathered from various administrative units of government. Information made should be furnished to the executive periodically.  d) Flexibility : Budget should be flexible enou...

PUBLIC BUDGET Types of budget a) Executive type and legislative type : In this type ,Budget is prepared by the executive and after it has been approved by legislature , responsibility for its execution lies with the executive. This is commonly accepted principle of budget preparation and execution. It is prepared by experts and in almost all countries some special agency is provided to help chief executive in preparation of budget. The legislative budget is one that is prepared and adopted by legislature either by directly or through the committee appointed by it. b) Annual or long term budgets : The government budget that are prepared on the annual basis I.e one year are called annual budget. Some have adopted the policy of planned economy and to meet needs of long term planning they resorted to long term budgeting I.e preparing the budget for three or more years. Such budgets are in fact long term planning over a period of years to finance the plan. Every year the national budget wi...

PUBLIC BUDGET Objectives a) Economic growth : To promote rapid and balanced economic growth so as to improve living standard of the people. Economic growth implies a sustained increase in real GDP of the economy , I.e a sustained increase in volume of goods and services.  b) Reduction of poverty and unemployment: To eradicate mass poverty and unemployment by creating employment opportunities and providing maximum social benefit to the poor. In fact , social welfare is the single most important objective. Every Indian should be able to meet his basic needs like food , clothing , housing along with health and education facilities. c) Reduction of inequalities: To reduce inequalities of income and wealth , government can influence distribution of income through levying taxes and granting subsidies. Government levies high rate of tax on rich people reducing their disposal income and lowers the rate on lower income groups. More emphasis is laid on equitable distribution of wealth and ...