2414 Words Essay on Budget (free to read)
The term ‘budget‘ was derived from an old English word Bougett which means a pouch or sack. In fact, it was a leather bag from which the British Chancellor of Exchequer (in charge of finance) took out his papers (which contained government financial programme for the coming year) to present to the Parliament.But now it came to mean the paper themselves and not the bag or briefcase which contained these papers. C. P. Bhambhari says, “The term in its present sense was used for the first time in 1773, in a satire entitled ‘Opening the Budget’ directed against financial plan of Walpole who was the then British Chancellor of Exchequer.Meanings and Definition of Budget—various thinkers defined budget in their own way. According H. R. Bruce “A budget is a financial…