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, presenting estimated receipts and expenditures for the upcoming fiscal year, as mandated under Article 112 of the Constitution.
When is the Union Budget traditionally presented in India?
On February 1st every year since 2017.
Which article of the Indian Constitution mandates the presentation of the Annual Financial Statement?
Article 112 of the Indian Constitution requires the government to present a statement of estimated receipts and expenditure before Parliament for each financial year.
Who presents the Union Budget in the Indian Parliament?
The Finance Minister of India.
What is the fiscal year followed for the Union Budget in India?
India's fiscal year runs from April 1 to March 31, and the Union Budget is typically presented on February 1 each year.
In which House of Parliament is the Union Budget first presented?
The Lok Sabha (House of the People).
What are the two broad components of the Union Budget?
The Union Budget is divided into the Revenue Budget (covering revenue receipts and revenue expenditure) and the Capital Budget (covering capital receipts and capital expenditure).
What is Capital Expenditure in the Union Budget?
Spending that creates assets or reduces liabilities of government.
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