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Stream/Area:
-
Subject:
-
Paper ID:
IJSREM66074
Volume:
10 |
7 |
Jul 2026
Pages:
1-8
Publication Frequency:
Monthly (12 issues per year)
License:International Journal of Scientific Research in Engineering and Management follows the Creative Commons Attribution 4.0 (CC BY 4.0) License, allowing free use and distribution with proper attribution.
MBA
Dr. Ambedkar Institute of Technology
MBA
Dr. Ambedkar Institute of Technology
Since Independence the Indian Union Budget has evolved from 1950-51 to 2025-26, showing the country’s change in economic priorities and development goals. In the past years, the budget focused on agriculture, public welfare and the nation building. But after some years, it becomes an important policy tool to promote economic reforms, infrastructure development, digital transformation and sustainable growth. So, the study examines the evolution of the budget from independents by identifying the major fiscal reforms introduced during different decades. And assesses the level of budget awareness among the students in budgetary concepts and concept policy changes. A descriptive research design was done by using both primary and secondary data. Primary data was collected from student using structured questionnaire, while the secondary information was gathered from the Union Budget, Economic Survey, government reports and other relevant academic literature. The finding show that most students are familiar with basic budget related concepts. The study concludes that improving fiscal education can help students develop a better understanding of the Union Budget and its relevance to everyday economic life.
KEYWORDS
The journey of the Indian Union Budget reflects the broader story of India's economic development. What began as a tool for addressing post-independence challenges such as food security, industrialization, and nation-building has gradually evolved into an instrument for promoting growth, infrastructure development, digital transformation, and economic self-reliance. The study shows that major budgetary shifts have generally occurred through long-term reforms rather than through individual annual announcements, highlighting the value of a decadal approach to understanding fiscal policy. The result indicate that students possess a reasonable level of awareness about the Union Budget and basic fiscal concepts. Yet, awareness alone doesn’t forever translate into practical understanding. Many students are able to identify economic terms and major reforms but find it more difficult to connect these developments to everyday financial decisions and broader economic outcomes. An important insight says that students value context and historical understanding. Rather than focusing solely on yearly budget highlights, respondents expressed greater interest in learning how major reforms have shaped India's economic path over time. This suggests that fiscal literacy initiatives should move beyond definitions and statistics and place greater emphasis on historical developments, real-life applications, and policy relevance. Strengthening fiscal literacy among students can help create a more informed and economically aware generation. By integrating budget history, public finance, and practical financial education into academic programs, educational institutions can play an crucial role in improving students' understanding of the economic decisions that influence both national development and everyday life.
Bhanumurthy, N. R., & Das, S. (2021). Public expenditure and economic recovery in India after COVID-19. Economic and Political Weekly, 56(35), 45–53. Chakraborty, P. (2017). Fiscal policy challenges and public investment in India. National Institute of Public Finance and Policy (NIPFP) Working Paper. de Renzio, P., & Wehner, J. (2015). The impacts of fiscal openness: A review of the evidence. Global Policy, 6(3), 233–244. Dev, S. M., & Sengupta, R. (2019). Fiscal policy, welfare programmes, and inclusive growth in India. Indira Gandhi Institute of Development Research (IGIDR) Working Paper. Government of India. (Various Years). Economic Survey. Ministry of Finance, Government of India. Government of India. (Various Years). Union Budget Documents. Ministry of Finance, Government of India. Kaur, K. (2017). Measuring the quality of government expenditure in India. Indian Journal of Public Administration, 63(1), 62–79. Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. Ministry of Finance. (Various Years). Annual Reports. Government of India.
Publication Date
7/15/2026
Peer Review Type
Double-Blind Peer Review
Review Rounds: 2
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The authors declare no conflict of interest related to this research work.
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