Union Budget is the annual financial statement presented by the Finance Minister of India in the Parliament, outlining the government's expenditures and revenues for the upcoming financial year. The budget also includes announcements of new economic policies and proposals for tax changes.
The Union Budget 2023 has been highly anticipated, as the country continues to recover from the economic impact of the COVID-19 pandemic. The budget, which is typically presented in the month of February, will detail the government's plans for spending and revenue collection for the upcoming financial year.
ALSO READ: Union Budget basics: What you need to know
Here are few key terms that would be used in Budget 2023:
Fiscal Deficit: Fiscal deficit, which refers to the difference between the government's total revenue and total expenditure. A high fiscal deficit can indicate that the government is spending more than it is earning, which can lead to inflation and a weaker currency.
Gross Domestic Product (GDP): Another important term in the budget is the Gross Domestic Product (GDP), which measures the overall economic output of a country. The budget often includes projections for GDP growth for the upcoming financial year, as well as targets for various sectors such as agriculture, industry, and services.
Inflation: Inflation is the rate at which the general level of prices for goods and services is rising which results in a decline in purchasing power of the people. The Reserve Bank of India, known as the central bank of the country, employs various monetary policy measures to control inflation.
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Revenue Deficit: The excess of government's total expenditure over total revenue. It indicates that the government is borrowing to finance its expenses.
Fiscal Policy: It is one of the measures employed by the government to stabilize the economy, Fiscal policy uses government spending and taxation to exert economic influence. The Union Budget is an important tool of fiscal policy in India because it outlines the government's spending and revenue collection plans for the coming fiscal year.
FAQs
1. What is the purpose of the Union Budget?
The purpose of the Union Budget is to outline the government's plans for spending and revenue collection for the upcoming financial year. It also includes announcements of new economic policies and proposals for tax changes.
2. What is the fiscal deficit and why is it important?
The fiscal deficit refers to the difference between the government's total revenue and total expenditure. A high fiscal deficit can indicate that the government is spending more than it is earning, which can lead to inflation and a weaker currency.
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