Administration and finance are as inseparable as a body and its parts. All administrative act involve expenditure of money. Finance fuels the administrative engine. Without finance, the latter can not operate. The budget is one of the principal tool of financial administration. It is at the heart of democratic government. Budget is an investment vehicle that boosts for the growth of the country. Government use budgeting system to plan for the growth and development of the country over a fixed period of time. This article begins with giving a overview of how budgetary thought evolved in India. It further discusses on the implications that can be expected once a budget is successfully implemented. It also throws some lights on the impact that budget has on socio-economic development of the country.
Key words: Budgetary thought, Indian Budget, finance, impact, socio-economic development, economy, growth.