Union Budget
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What is the Union Budget of India?
The Union Budget is the annual financial statement of the Government of India presented under Article 112 of the Constitution, detailing estimated receipts and expenditures for the coming financial year.
What is the constitutional provision under which the Union Budget is presented in Parliament?
Article 112 mandates Annual Financial Statement presentation.
Which article of the Indian Constitution mandates the presentation of the Annual Financial Statement?
Article 112 of the Constitution mandates the President to cause the Annual Financial Statement (Union Budget) to be laid before both Houses of Parliament.
On which date is the Union Budget traditionally presented in Parliament?
February 1st every year since 2017.
What is the difference between Revenue Budget and Capital Budget?
Revenue Budget covers day-to-day income and expenditure (non-durable assets), while Capital Budget covers capital receipts and payments that affect assets and liabilities of the government.
What is the meaning of the term 'Budget' derived from?
French word 'bougette' meaning a leather bag.
What is a fiscal deficit?
Fiscal deficit is the difference between the government's total expenditure and its total receipts excluding borrowings; it indicates the amount the government needs to borrow to meet its expenditure.
What is the difference between a balanced budget and a surplus budget?
Balanced: receipts equal expenditure; surplus: receipts exceed expenditure.
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