Based on the estimates there are three types of Government budgets in India, they are, surplus budget, balanced budget, and deficit budget. You can read about the Union Budget 2021-22 Summary in the given link.
In a financial year, if the expected Government receipts is equal to the estimated Government expenditure, then it is known as the balanced budget of the Government. If the economy is facing deflation or economic depression, then the balanced budget will not help in creating a financially stable economy.
- Taxation in India – Direct taxes & Indirect Taxes, Features of Taxation System
- Revenue Receipts- Tax Revenue and Non-Tax Revenue