Answer:
Importance of government budget can be explained as follows: (i) It shows revenue deficit, fiscal deficit and primary deficit of the government budget which reflects the status of fiscal discipline in the country. (ii) It reflects how the government is going to influence the allocation of resources in the country. (iii) It points to the efforts of the government to achieve equality in the distribution of income and wealth. (iv) It is used to correct the situations of inflationary/deflationary gap in the economy.
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