Union Budget 2024: 7 Crucial Terms Explained

Union Budget 2024 - Date

Finance Minister Nirmala Sitharaman will present the interim Union Budget 2024 on February 1. Here are seven crucial terms to understand budget more easily...

Economic Survey

The budget survey analyses last years economic performance and outlines the governments priorities for the next year, helping understand the budgets direction.

Direct & Indirect Taxes

Direct taxes target individuals and corporations while indirect taxes are levied on goods and services (GST), so knowing the difference helps determine the budgets impact across sections of the population.

Fiscal Deficit

The budget deficit is the gap between the governments income and spending. A lower deficit signals fiscal prudence while a higher one can spur concerns about borrowing and inflation.

Capital Expenditure

This refers to the governments spending on infrastructure, assets, and long-term investments. Increased CapEx typically signifies focus on long-term growth and development.

Revenue Estimates & Budget Estimates

Budget estimates predict the governments income and expenses for the coming year, providing insight into revenue sources and spending priorities. Examining them reveals the budgets priorities.

Finance Bill

This bill, passed by Parliament, implements the tax proposals announced in the budget. Understanding its provisions clarifies how proposed changes will be enforced.

Budget At Glance

This simplified document summarises the key highlights of the budget, including key allocations, tax changes, and economic targets. It serves as a quick overview for non-experts.