On February 1, Finance Minister Nirmala Sitharaman deliver the interim Union Budget 2024. The Union Budget 2024 can be understood by becoming familiar with the following important financial terms.
When the current administration has limited time to deliver the full budget to Parliament, it proposes an interim budget, which is a temporary financial plan.
The rate at which the nation's prices for products, services, and commodities are rising is known as inflation. A consumer's purchasing power decreases as inflation increases.
The Finance Bill is a document that the government presents to the Parliament with the intention of introducing new taxes, changing the current tax structure, or maintaining it as is.
The estimated sums allotted to the center's expenditures for the fiscal year are referred to as budget estimates. It chooses how much money is given to different ministries.
A key document that summarises the economic performance of the current fiscal year is the Economic Survey, which is delivered at the Budget session.
The difference between the government's total outlays and its receipts from the preceding fiscal year is known as the fiscal deficit.