In macroeconomics, short – run may be defined as a period of time when ‘technology’ as a factor remains constant.
Short – run in an economy can be defined as the period of time during which, level of output is determined only by the level of employment. Higher the level of employment, higher would be the level of output and vice – versa.
Government budget is a statement of the estimates of the government’s expected receipts and government’s expected expenditure during the financial year or fiscal year which runs from 1st April to 31st March.
In India, Article 112 of the Constitution requires the Central Government to prepare Annual Financial statement’ for the country as a whole. This is called ‘Budget of the Central Government’. Article 202 of the Constitution requires every state Government to prepare ‘Annual Financial Statement’ for the concerned state. This is called ‘Budget of the state Government’.