What is Union budget in simple words?
What is Union budget in simple words?
Definition: According to Article 112 of the Indian Constitution, the Union Budget of a year, also referred to as the annual financial statement, is a statement of the estimated receipts and expenditure of the government for that particular year. Union Budget is classified into Revenue Budget and Capital Budget.
What is Union budget and why it is important?
What Does the Union Budget Include? The union budget offers information on the government’s estimated receivables and payables for a certain fiscal year. The capital budget and the revenue budget are the two key sections of the budget statement.
Who present the Union Budget in 2019?
Finance Minister Nirmala Sitharaman
Union Budget 2019 was presented by Finance Minister Nirmala Sitharaman in the Lok Sabha on July 5. The Budget session would begin from June 17 and is scheduled to end on July 26. This was the first Budget for both Sitharaman and the Narendra Modi government in its second term.
What is India’s annual budget in 2019?
2019 Interim-Union budget of India
| Emblem of India | |
|---|---|
| Submitted | 2 February 2019 |
| Total revenue | ₹2,732,903 crore (equivalent to ₹29 trillion or US$380 billion in 2020) |
| Total expenditures | ₹3,401,639 crore (equivalent to ₹36 trillion or US$480 billion in 2020) |
| ‹ 2018 2019 › |
What are the objectives of Union Budget?
The general objective of the Union Budget is to bring about a rapid and balanced economic growth of our country coupled with social justice and equality.
What is interest in Union Budget?
The Appropriation provides for interest charges on Central Government’s debt obligations, both internal and external. …
Why Union Budget is made?
The Union Budget is an annual financial statement which contains the estimated earnings from revenues and estimated expenditures of the government during a particular financial year. The Union Budget establishes a financial roadmap for the country in the coming financial year.
How the Union budget is prepared?
It is prepared by the ministry of finance in consultation with Niti Aayog and other concerned ministries. The Budget division of the department of economic affairs (DEA) in the finance ministry is the nodal body responsible for producing the Budget.
What is the biggest item of government expenditure in Budget 2019-20?
What is the biggest item of government expenditure in budget 2019-20? Explanation: In 2019-20, the biggest item of government expenditure is Share of the states in taxes and fees. The Central Government has to spend 23\% of its total expenditure in the form of ‘taxes and fees’.