15 important terms you should know ahead of Union Budget presentation

Finance Minister Nirmala Sitharaman is set to present the Union Budget 2023-2024 in Parliament on February 1; here's a lowdown on vital budget related terms that you should know

According to Article 112 of the Constitution, the government is required to present to Parliament, a statement of estimated income and expenses for each financial year, which runs from April 1 to March 31. This Annual Financial Statement is also known as the Annual Budget or Union Budget. It provides details of the country’s economic goal and gives an account of the amount allocated to each ministry and department to function and carry out its objectives for the upcoming financial year.

Finance Minister Nirmala Sitharaman is set to present the Union Budget 2023-2024 in Parliament on February 1. Here are