How the Budget Impacts the Common People ?

Abdul Rahman By Abdul Rahman, 28th Dec 2011 | Follow this author | RSS Feed
Posted in Wikinut>Business>Accounting & Finance

The Budget is the Important financial Document which contains the future plan of the Government to to tackle the Expenditure of the Services and Goods as well estimates about the Revenues ,Taxes and Investment . Go through this Article to explore the budget , its importance and how it impacts the common people at large .

The Budget Importance and Its Impact on Common People

The Budget is the Financial Statement or plan which is made to review the current as well as future situation of economical conditions , prices of commodities , Taxes and receipts and Expenditure Details of the Government . The Budget has been regarded as most important segment of Government to run the State Affairs easily and smoothly . It always makes great buzz among the people and they talk about every segment of the budget and analyze individually as per their respective interest that whether the budget favours them or may put some more burden on their shoulders to live their normal life .

Public servants or Government Employees always expect from the upcoming budget that their salaries will be raised in percent say 20% to 30% . The workers or lower grade government employees such as clerks always expect some raise in their basic or gross salaries so that they could support their families in this inflation ridden world where prices are touching Skies .In such situation little raise in their salary means a blessing for them .

Others who are more concerned about the Budget is the general Public who expects that there will not be any increase in the daily use food items such as Flour , Pulse , Cooking Oil and other food related items . Rather, they expect decrease in the food items. In Corporate sector , Factory owners , Manufacturers and Business owners expect that there will not be additional taxes to be levied upon them which may affect their products and Profits .

The government always faces challenges both from business owners and General Public that there may not be any protests against the Government if such adverse statement has been made in budget . If Budget is balanced it is always welcomed and people’s support for the Government increases and Governments take the sigh of relief after announcing such balanced or people friendly budget which may not be heavy over their life . Simple increase in Oil prices affects every commodity ranging from food items to accessories , fares of Buses , Trains and Aero planes and non food items such shoes , clothes and Automobiles . Everyone bears the burnt of sudden increase in oil prices globally.

Even the senior citizens or pensioners expect some raise in their pension so that they may pass remaining life easily and comfortable .Even bus drivers or taxi drivers expect that budget should be friendly so that their life condition may not turn to be miserable .

In nutshell, Governments always hire financial consultants to prepare the budget in lieu of prevalent conditions so that their will not be any burden on General public as well as Corporate World since the corporate sector is major contributor to national Exchequer .


Budget Management, Budgeting, Financial Accounting And Reporting, Financial Management, Government, Household, People, Taxes

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author avatar Abdul Rahman
Mr Malik has been in writing Business for the last 15 years. He Blogs at: ,

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