Budget is an annual financial statement released by finance minister every year.
It is mentioned in article 11. It provides a clear outlay of expenditures for the coming financial year.
- It is generally a process card about how much result has been acquired in various minifies and departments by using budget allocation.
- It helps in transparency and accountability.
- It does not only analyse the results in terms of money but also in quality terms like the tone of steel produced etc.
- It helps in better service providing.
- It analyses the outcome in every department by measuring input.
- Every department has to present its data performed in every unit to finance minister.
- Ithelps to identify the loopholes in implementation.
- It analyses the surplus or deficit and takes actions according to it.
see all WHAT IS GENDER BUDGETING?
- It is a performance of every unit in terms of input used and the output that is generated through this.
- It tries to establish the links between tax funds allocated to the department and the result brought out through the allocation.
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Difference between Outcome budget and performance budget is that:
Outcome budget takes account of output produced and the process made –
- Performance budget will try to bring a link between funds allocated and the equivalent results brought out.
- Outcome budget, performance budget all meant to increase transparency and accountability which are key ingredients of democracy, utmost care to be taken to implement it a proper procedure.