Union Budget 2024: The Numbers Game Explained
Revenue vs. Capital Budgets
Both detail different aspects of government finances. Revenue handles daily operations and services, while Capital covers infrastructure and development.
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Revenue Budget Breakdown
Includes income from taxes and non-tax sources and expenditure on running the government. A deficit occurs when spending exceeds income.
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Capital Budget Breakdown
It involves loans and funds for long-term investments like infrastructure, education, and health. A fiscal deficit happens when total spending exceeds total revenue.
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Budget Preparation Timeline
Starts six months before the presentation, with consultations and inputs from experts and ministries.
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Budget Stages
Estimates, deficit analysis, narrowing gap, and finally, presentation and approval. Finance Minister Nirmala Sitharaman has already begun pre-budget meetings.
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Step-by-Step Guide
Ministries submit spending and revenue estimates, and then officials analyse and adjust. Revenue is allocated to different departments. Disputes go to the Cabinet or Prime Minister.
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Stakeholder Consultation
To understand needs and concerns, the Finance Ministry meets with agriculturists, businesses, investors, and more.
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Pre-Budget Discussions
Open forums for state leaders, economists, and labour organisations to voice their needs, followed by further consideration by the Prime Minister.
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The
It marks the start of budget document printing with a celebratory sweet dish prepared for the Finance Ministry staff.
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Presentation & Approval
The Finance Minister presents the budget in Parliament, followed by debate and approval in both chambers. Finally, the President officially approves it.
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Special Coverage