Union Budget Highlights & Budget Analysis PDF with Questions Answers eBook
As we all know the 76th Union Budget 2024 was presented by the Finance Minister, Nirmala Sitharaman on 23rd July 2024 in Lok Sabha. Union Budget 2024 is an important topic in most of the competitive exam preparations like SEBI Grade A, RBI Grade A, NABARD Grade A, Bank PO & Clerk (IBPS, SBI), Other Banking & Insurance, for the General/Economy/Financial awareness section.
Finance Minister Nirmala Sitarman presents the Union Budget of 2024-2025. This was her 7th budget to present in Lok Sabha under the NDA government. Finance Minister Nirmala Sitaraman presented this Union budget on 23rd July 2024 @ 11 AM. This union budget is known as the paperless budget. This union budget was started with the address of President Draupadi Murmu. This budget will be held for 1:30 – 2 hours (approx). The budget focuses on-
- Agriculture,
- Employment & Skilling,
- Social Justice,
- Human Resource Development
Here you can check the union budget Highlights 2024 25 live updates from Finance Minister Smt. Nirmala Sitharaman presented in parliament on 23rd July 2024. If you are preparing for Banking & Insurance, SSC, Railways, and other competitive exams, you will come across a section on Current Affairs and Questions asked in every competitive exam in the General Awareness section from Union Budget 2024-25. So, here we are with the Union Budget 2024-25 Highlights & Budget Analysis PDF with MCQ for your upcoming exams.
Union Budget 2024-25
A budget is a forecast of the government’s revenue and expenses for a future period, typically the upcoming financial year. The Union Budget gives a detailed account of the government’s finances over the previous fiscal year, summarises new tax proposals for the upcoming fiscal year, and estimates revenue and expenditure for the next fiscal year. The Union Budget accounts for the government’s finances during the fiscal year from April 1 to March 31. The first Budget in pre-independent India was presented in 1860 by James Wilson of the British Indian Government. After independence, India’s first Budget was presented in 1947 by Finance Minister RK Shanmukham Chetty.
The Union Budget is the annual financial statement of the Union Government of India that is presented every year on the 1st of February by the Finance Minister (FM) in the Lok Sabha.
- Budget preparation: The Department of Economic Affairs, Ministry of Finance, is the nodal body responsible for preparing the Budget document.
- Budget classification: The Union Budget is classified into the Revenue Budget and the Capital Budget.
- Revenue Budget: Encompassing the government’s expected one-year income, including taxes.
- Capital Budget: Addressing government assets and liabilities, focusing on significant expenses like infrastructure development.
Budget Parts:
- Part A: Macroeconomic section announcing government schemes and priorities.
- Part B: Involves the Finance Bill, containing taxation proposals such as income tax revisions.
- A Finance Bill is a Money Bill as defined in Article 110 of the Constitution.
- The Speaker has the final authority to determine whether a bill is a Money Bill.
Union Budget Constitutional Provisions
- Constitutional provision: As per Article 112 of the Indian Constitution, the Union Budget is a statement of the government’s estimated receipts and expenditures.
- It is also known as the Annual Financial Statement of the Government; however, the term “budget” is not mentioned in the Constitution.
- Key Budget documents: Apart from Budget Speech, other major documents include:
- Annual Financial Statement (Article 112)
- Demands for Grants (Article 113)
- Finance Bill (Article 110)
- Fiscal Policy Statements mandated under the FRBM Act, 2003, including
- The Macro-Economic Framework Statement and
- The Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement.
- Additional Documents: Other explanatory documents presented include:
- Expenditure & Receipt of Budget, Expenditure Profile, Budget at a Glance, Memorandum Explaining the Provisions in the Finance Bill, Output Outcome Monitoring Framework, Key Features of Upcoming Financial Year Budget, and implementation of Budget Announcements for the Closing financial year.
Union Budget 2024 PDF with Questions and Answers
Candidates can download the key features of the Budget 2024 pdf provided here. All the in-depth details of the budget 2024 are provided here. This union budget 2024 pdf contains the important news on union budget 2024 highlights which is the most important topic asked in various competitive examinations. So download this Union Budget 2024 PDF with Questions and Answers.
Topics Covered:
- Important Highlights & Complete Economy Survey & Budget Analysis.
- Union Budget 2024 Detailed Sector Wise, Defence, Education, Railway and Income Tax
- What is the Union Budget?
- Objectives of Union Budget
- Types of Budgets
- Important Terms Mentioned in Budget 2024-25
- Important Keywords – Union Budget 2024-25
- 250+ Expected & Imp. MCQ Based on Economy Survey & Union Budget 2024-25
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Union Budget 2024-25 (Interim Budget)
As the Lok Sabha election is near the complete budget will not be presented, this budget is known as Interim Budget, after the formation of the new government the complete budget will be presented.
What is Interim Budget?
- An interim budget is a provisional financial plan designed to address the government’s expenditures until a new government assumes office after elections. This budget requests approval from Parliament for an advance grant to cover the essential expenses of the government for the initial four months of the upcoming financial year. The interim budget serves as a stopgap measure to ensure the continuity of essential financial operations during the transitional period.
The Union Budget is also known as the Annual Financial Statement. Article 112 of the Constitution of India lays down that it is a statement of the estimated expenditure and receipts of the Government for a particular year. The Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman announced on 1st February 2024 that the theme for this year’s Budget would be “Viksit Bharat Budget 2024”. She reiterated that the country continues to strive towards Atmanirbhar Bharat. At the same time, the welfare and aspirations of the Gareeb (poor), Mahila (women), Yuva (youth), and Annadata (farmers) would be the most important focus areas in the Interim Budget 2024. The Budget adopts the following seven priorities. They complement each other and act as the ‘Saptarishi’ guiding us through the Amrit Kaal.
Important Keywords – Union Budget 2024-25
- Capex: The money that the government spends on developing buildings, machinery, equipment, schools, and other infrastructure is known as capital expenditure. Additionally, it covers the costs made by the government for investments that will generate profits or dividends in the future, such as land acquisition costs.
- Direct taxes: These are taxes paid directly to the party that levied them. For example- Income Tax.
- Indirect tax: It is the tax levied on the consumption of goods and services. It is not directly levied on the income of a person. For example- Service tax, Excise duty, Value Added Tax (VAT), Custom duty, Stamp duty, etc.,
- Primary Agricultural Credit Society: It is a basic unit and smallest co-operative credit institutions in India. It is a village-level institution that works directly with rural residents. It encourages agriculturists to save, accepts deposits from them, makes loans to deserving borrowers, and collects repayments.
- Blue Sheet: The Blue Sheet in the Union Budget is a confidential blueprint containing crucial numbers, updated throughout the Budget preparation, and safeguarded by the joint secretary of the Finance Minister.
- Fiscal Deficit (FD) Fiscal Deficit is the adverse fiscal balance which is a difference between the Revenue Receipts Plus Non-Debt Capital Receipts (NDCR) i.e. total of the non-debt receipts and the total expenditure. FD is reflective of the total borrowing requirement of the Government.
- Revenue Deficit (RD) Revenue Deficit refers to the excess of revenue expenditure over revenue receipts.
- Effective Revenue Deficit (ERD) Effective Revenue Deficit is the difference between Revenue Deficit and Grant-in-Aid for the Creation of Capital Assets. Primary Deficit Primary Deficit is measured as Fiscal Deficit less interest payments.
- Effective Capital Expenditure Effective Capital Expenditure (Eff-Capex) refers to the sum of Capital Expenditure and Grants-in- Aid for Creation of Capital Assets.
- Capital Budget: The Capital Budget deals with capital receipts (like disinvestment, loans) and capital expenditures (such as developing health facilities, roads, acquiring land). It reflects the government’s investment and financing activities for long-term projects and assets.
- Revenue Budget: The Revenue Budget encompasses revenue receipts (tax-related income, dividends/interest on investments, service fees) and revenue expenditures. It covers ongoing government operations, debt interest, and subsidies. It reflects the day-to-day functioning and financial transactions of the government.
- Consolidated Fund of India: It includes revenues received and expenses incurred by the government in a financial year, excluding exceptional expenses like disaster management. Government cannot access it without Parliament approval.
- Rebate: Rebate is a reduction in the total income tax you owe, encouraging economic activity by lightening the tax load for individuals.
- TDS (Tax Deducted at Source): TDS is like a silent way the government collects tax. For example, when banks transfer interest income to account, they deduct a certain percentage as tax before giving you the money. It ensures that taxes are collected in a timely manner.
- TCS (Tax Collection at Source): TCS is like a little extra amount collected as tax by a seller from the buyer at the time of sale. This amount is then deposited with the tax authority. It ensures that taxes are collected right when a transaction happens.
- Annual Financial Statement: Under Article 112 of the Constitution of India, the central government is mandated to present to Parliament an Annual Financial Statement. This statement outlines the estimated receipts and expenditures for every financial year. Typically, this document is categorized into three main funds: Consolidated Fund, Contingency Fund, and Public Account.
- Money Bill: A Money Bill is a specific category of Finance Bill that addresses matters related to taxes, revenues, and government expenditure. For a bill to be treated as a Money Bill, it must contain specified matters under Article 110 (1) (a) to (g) of the Constitution of India. Importantly, a Money Bill can only be presented in the Lok Sabha.
- Finance Bill: A Finance Bill is a critical component of the Budget documentation, encompassing all details related to government revenue, expenditures, and allocations for a specific financial year. It provides insights into new taxes, as well as modifications to existing tax structures. Presented for a one-year period, once the bill is passed, it transforms into the Finance Act. The preparation of the Finance Bill is in accordance with the provisions under Article 117 of the Constitution of India.
- Budget Estimates: Budget Estimates refer to the projected funds allocated to various ministries, departments, sectors, and schemes of the central government in the Union Budget. These estimates determine the expected costs over a specified time period and outline how and where the allocated money will be utilized.
- Capital Expenditure: Capital Expenditure entails the funds allocated by the central government for diverse developmental projects, acquisitions, and the depreciation of machinery and assets associated with economic development.
- Revised Estimates: In comparison to Budget estimates, some ministries or departments may require more funds than initially anticipated as the financial year progresses. This necessitates modifications to the allocations announced in the Union Budget, termed as Revised Estimates. The government reviews and adjusts these allocations as needed based on evolving financial needs.
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Current Affairs PDF 2024 – Download eBooks
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