Union Budget: 10 Must Know Facts

The Union Budget is being presented by Finance Minister, Arun Jaitley. This is perhaps the most eagerly watched event during the year by individuals across the country as it directly and indirectly impacts their finances.

A Government Budget is is a legal document which is passed by the Parliament, and approved by the President. Click to know other interesting facts.

The two important elements of any budget are the revenues and expenses. Here is a look at a few interesting aspects of the Union Budget.

1. Budget preparation in India is calculative process between Ministry of Finance and Spending Ministries.
2. The Budget Circular, issued in the month of October/November in the budget cycle. It marks the beginning of the Budget process.
3. In an election year, the Budgets may be presented twice-first to secure a Vote on Account for a few months and later in full.
4. The Budget cycle lasts 12 months, from April to March of the next year.
5. The Government account is categorised into Consolidated Fund of India, Contingency Fund of India and Public Account
6. The Constitution of India envisages the accounts of the Union and the States to be kept in such a form as the President may on the advice of the Cromptroller &Auditor General of India.
7. Revised Estimates are mid-year review of possible expenditure, taking into account the trend of expenditure, New Service, New Instrument of Services, etc.
8. Plan expenditure is associated with productive expenditure, which increases the productive capacity of the economy.
9. Non-plan revenue expenditure is accounted for by interest payments, subsidies, wages and salary payments to the government employees.
10. The finance minister presents the Budget in Parliament with the Budget Speech. For checking facts and figures in the Finance Minister's speech, the details are contained in other budget documents.

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