A Beginner's Guide To Union Budget
By: EjazUlHaqBhat
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Union Budget is a plan for the expected income and expenditure for a financial year
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The Union Finance Minister presents the Budget in Parliament on February 1. Nirmala Sitharaman will present her eighth straight Union Budget
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In election years, two budgets are presented - an Interim Budget and a Full Budget
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Until 1998, the Budget was presented at 5 pm on the last working day in February
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In 1999, the presentation time was changed to 11 am. In 2017, the date was shifted to February 1
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Union Budget allocates funds to various government ministries and departments
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The Budget is divided into two parts - revenue budget and capital budget
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Revenue budget deals with the government's daily operational expenses
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Capital budget focuses on long-term investments like infrastructure and educational projects
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Fiscal deficit arises when capital expenditure exceeds the revenue budget
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