India Union Budget 2022: What are expenditure and revenue budgets?
The budget session of parliament is being held in two parts. The first part will continue till February 11 and the second part from March 14 to April 8
India's Finance Minister Nirmala Sitharaman will present the Budget 2022-23 on Tuesday (February 1) as the country is reviving from the onslaughts of the ongoing coronavirus (COVID-19) pandemic.
As the Indian government continues to put efforts to recover from the pandemic-caused losses, the country's economy is showing strong signs of recovery and has again emerged as among the fastest-growing economies in the world.
In simple terms, a budget is a financial plan for a defined period, often one year. It is the sum of finances allocated for a particular purpose and the summary of intended expenditures along with proposals for how to meet them.
Ahead of the Budget presentation, here's a report on expenditure and revenue budgets.
Expenditure budget: The allocation of funds for disbursement to various ministries, departments and sectors is the Expenditure Budget.
Revenue budget: It consists of revenue receipts of the government and the expenditure met from these revenues. Revenues are made up of taxes and other duties that the government levies.
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In this year's budget, the customary 'halwa ceremony' to mark the final stage of the budget-making exercise was not held due to the Covid protocols.
Instead, the government distributed packed sweets among the core staff members involved in the budget-making.
The budget session of parliament is being held in two parts. The first part will continue till February 11 and the second part from March 14 to April 8.