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The main aim of the Union Budget is to maintain a record of the government's finances for the financial year that runs from 1st April to 31st March. Did you know that the Union Budget is classified into Revenue Budget and Capital Budget? Here’s a rundown of what these two are all about.
The revenue budget is a record of the government's revenue receipts and expenditures with two kinds of revenue receipts to look at; tax and non-tax. This kind of expenditure is recorded on a day-to-day basis regarding the functioning of the government aand the services provided to the citizens. If revenue expenditure exceeds revenue receipts, the government incurs a revenue deficit.
To simplify this year’s Budget and to decode its impact on your life, your investment portfolio, and all that you do, we bring you #BudgetSimpleHai!
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The capital budget on the other hand includes capital payments of the government including various loans from public and foreign governments and RBI. The capital expenditure records the development of infrastructure like machinery, equipment, health facilities, etc.
A country is said to be in fiscal deficit when its government's total expenditure is more than its total revenue.
Seeing as the Union Budget 2024 is around the corner, we thought why not do a throwback and have a look at some of the most revolutionary union budgets that ever graced India’s lower house?
Passed earlier for the same period, the Union budget of 1947 was the very first budget of an independent India and thus it stands apart for creating a template for the Union budgets that would follow. The budget was presented by the then Finance Minister R.K.Shanmukam Chetty and was done seven and a half months after India gained independence, on March 31, 2024.
Did you know that the Union Budget of 1987 is known as ‘the dream budget’? Well. if you are wondering why, we are here to tell you the exact reason. Presented by Rajiv Gandhi, the budget’s main focus was on improving the tax structure that existed at that time. This budget introduced MAT or Minimum Alternate Tax which was then called Minimum Corporate Tax. The main aim of this tax was to hold companies accountable for fulfilling their tax liabilities.
The budget of 1991 is popularly also known as “The Epochal Budget” and within reason. With this budget, the country saw liberalisation of the Indian economy. Presented by the then Finance Minister Dr Manmohan Singh, the budget helped slash customs duty and excise rates to a great extent. To add to this, the budget also suggested measures to help overhaul both the imports and exports of the country should be taken.
Presented by the then Finance Minister Jaswant Singh, the 2003 Union Budget focussed on bettering the infrastructure of country. It was under this budget that the idea for the Golden Quadrilateral found its budget allocation of ₹75,000 crore. The idea to modernize both the Delhi and Mumbai (then Bombay) airports was established in this budget and it also helped set up airports at both Hyderabad and Bengaluru.
The focus was clear on the 2018 Union Budget, presented by then Finance Minister, Arun Jaitley; improvement of rural India. In the budget, the government proposed to double the farmers’ income by 2022. Other than this, the budget also allocated ₹14.34 lakh crore to create better livelihoods and develop infrastructure to improve rural India’s condition.
The hopes of various sectors are riding high on the Union Budget of 2024 which is to be presented by Finance Minister Nirmala Sitharaman. With talks of the government’s focus on renewable energy and better infrastructure for the overall development of the country, we will have to wait till the 23rd of July to see what the budget has in store for the country this time around.
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