India Union Budget 2022: What are expenditure and revenue budgets?

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.