Budget 2024: A guide to understanding the complex terms

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Union Budget by the Narendra Modi government before the 2024 Lok Sabha Election. An annual financial statement for the Union of India that contains the government's revenue and expenditure for a given fiscal year, the Union Budget is a massive and complex document. The budget is an annual financial statement that outlines the government's proposed expenditures and revenues for the upcoming fiscal year, which begins on April 1st and ends on March 31st of the following year.

“The budget draws its major share from borrowings and liabilities, constituting the largest chunk of 34%," said Pramod Kathuria, Founder and CEO of Easiloan. A flagship document summarising the state of the economy, which sets the stage for the budget of the upcoming financial year. The Vote on Account is a grant made in advance by the parliament, in respect of the estimated expenditure for a part of the new financial year, pending the completion of procedure relating to the voting on the Demand for Grants and the passing of the Appropriation Act.

The added value of output of all productive sectors in the economy as measured by the Central Statistics Office. The total amount of money that the government plans to use for the acquisition or degradation of machinery and assets linked to boosting the economy. The estimated funds allocated to ministries.

A document used to introduce the policy of levying new taxes, making alterations in the tax structure, or continuing with the existing tax structure. Total additional borrowings are made by the government every year to bridge the gap between its income and expenditure. “The gap between government income and spending.