Interim Budget 2024: Key Terms You Should Know

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Interim Budget: This temporary budget covers expenses until the full budget is tabled after elections

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Economic Survey: It is a pivotal document offering a comprehensive overview of the nation's economic status, laying the groundwork for the upcoming financial year's budget

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GDP: It represents the total value of goods and services produced in a country's borders annually. The GDP growth rate is a crucial measure indicating economic performance

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Fiscal Deficit: The difference between a government's total revenue and its total expenditure

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Direct taxes (income tax, corporate tax) directly impact individuals and corporations. Indirect taxes (excise, customs, GST) are paid by consumers when buying goods and services

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Subsidies: Financial assistance provided by the government to producers or consumers to lower the price of goods or services

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Revenue Receipts: The income the government earns through taxes (direct and indirect), fees, dividends, and interest

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Revenue Expenditure: The spending on administrative costs, salaries, social welfare programs, subsidies, and defense

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Capital Receipts: Funds received through loans, disinvestment of government assets, and other non-tax sources

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Capital Expenditure: Investment in infrastructure, machinery, land acquisition, buildings, and loans to states and public enterprises

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