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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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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