The Union Budget is meant for maintaining an account of the Union Government’s finances for the fiscal year from 1st April to 31st march. Union Budget is divided into two parts “Revenue” and “Capital” budgets. Article 112 of the Constitution of India makes the introduction of the Union Budget mandatory in Parliament every year.
The revenue budget focuses on different aspects of revenue receipts and expenditures of the Union Government. Revenue expenditure is diverse expenditures incurred by the Government in the day-to-day functioning of the Government. Revenue receipts are again classified into two heads, viz. tax revenue and non-tax revenue.
The capital budget has two parts, viz. capital receipts and capital payments of the Union Government. Capital receipts include loans taken from the public through different financial instruments, foreign and domestic banks, and RBI. Foreign Governments and institutes. Capital expenditure is the expenditure incurred by the Government is strengthening the basic infrastructure of the economy.
What is the importance of the Union Budget?
The objective of the Union Budget is to systematize the economy, provide a balance, and give it direction. Meanwhile, it also aims to bring social justice and equality, create employment, and provide an institutional system for the efficient allocation of resources.
The following are the major purposes of the Union Budget:
In every aspect of the Indian economy, Union Budget is crucial. Its impact is intensive in the social and corporate structure of the country.
Key aspects of Union Budget 2023
The Union Budget 2023-24 was introduced in the parliament on 1st February 2023. This year the budget has kept the focus on the rural and urban sector social schemes, infrastructure development, support for startups and entrepreneurial activities, and middle-class people.
There is some good news for the IT Ministry, Road Transport and Highway Ministry, and Agricultural Ministry –
There is good news for middle class and service holders too –
Several products such as aircraft, semi-finished or unwrought gold, base metal or silver, New or retreaded pneumatic tyres, some types of TVs, and camera parts are made cheaper while imported products like electric vehicles, Vinyl Chloride Monomer, Compounded Rubber, precious metals articles, imitation Jewellery, bicycles, and toys are made expensive in this Union Budget 2023.
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