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Budget 2024: What is a Budget? Why is it important? When is Budget 2024? – What is India’s Union Budget?

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Budget 2024: What is a Budget? Why is it important? When is Budget 2024? – What is India’s Union Budget?

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What is India’s Union Budget?

According to Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year. Union Budget keeps the account of the government’s finances for the fiscal year that runs from April 1 to March 31.

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Types of Budget
Union Budget is classified into Revenue Budget and Capital Budget. The government’s revenue budget consists of its collections and outlays for revenue. Tax and non-tax revenue are the two categories of revenue receipts. Revenue expenditures are the costs associated with the government’s daily operations and the range of services it provides to the public. The government has a revenue shortfall when revenue expenditures surpass revenue inflows. The government’s capital receipts and payments are included in the capital budget. The majority of the government’s capital revenues come from loans from the RBI, public, and foreign governments. The cost of developing new machinery, equipment, buildings, medical facilities, educational programmes, etc. is referred to as capital expenditure. When all of the government’s expenses surpass all of its income, a fiscal deficit results.

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Why is a Budget important?

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Why is a Budget important?

The Union Budget’s main objective is to advance equity and social justice while simultaneously fostering rapid and balanced economic growth in our country. It is important for the government to ensure that funds reach the sections of society that need them the most, and this is one of the primary goals of the Budget. It guarantees appropriate management of inflation and deflation, leading to economic stability. Plans for surplus budgets are put into action during periods of inflation, and strategies for deficit budgets are developed during periods of deflation. Consequently, the economy’s prices remain steady.

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Who presents the Budget?

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Who presents the Budget?

The Finance Minister of India generally tables the Budget before the Lok Sabha and Rajya Sabha. Nirmala Sitharaman will be presenting the Union Budget for the 7th time in a row this year. This is the most number of the Budgets anyone has presented. Usually, it is presented on February 1, once a year. However, when Lok Sabha elections are held, the Budget is presented twice – before and after the polls. On February 1, the Interim Budget is presented.

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When is Budget 2024?
Nirmala Sitharaman presented the Interim Budget 2024 ahead of Lok Sabha elections. She is expected to table the Full Budget on July 22. However, no date or time has been confirmed yet.

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