Budget 2024: A Beginners Guide
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Here are key points about the Union Budget, explained in a beginner-friendly way
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The Union Budget is an annual financial plan presented by the Government of India, outlining its income and expenses for the upcoming fiscal year
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The Budget is presented by the Finance Minister of India in Parliament, usually on the first day of February every year
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In election years, a two-part approach is adopted - an interim budget and a full budget
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The Budget outlines expenses in various sectors like defence, education, healthcare, infrastructure and subsidies
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The fiscal deficit is the difference between the government's total expenditure and its total revenue
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The budget allocation refers to the distribution of funds to various ministries and departments for their respective schemes and programs
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There are two budgets - Revenue Budget (day-to-day expenses) and Capital Budget (long-term investments)
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The budget can affect citizens through changes in taxes, prices of essential goods and funding for public services
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The budget is prepared through a series of discussions, meetings and consultations between various government departments and stakeholders
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The Budget is important as it plays a vital role in shaping the country's economic growth, development and social welfare initiatives
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