Union Budget: Key highlights and importance
Every year, on February 1, the Union Budget of India is presented by the Finance Minister, outlining the government’s revenue and expenditure plans for the upcoming financial year.
Every year, on February 1, the Union Budget of India is presented by the Finance Minister, outlining the government’s revenue and expenditure plans for the upcoming financial year. This crucial financial statement sets the direction for the country’s economic policies, impacting various sectors, businesses, and individuals.
The Union Budget is divided into two main components: the Revenue Budget and the Capital Budget. The Revenue Budget includes the government’s earnings through taxes and non-tax sources, along with its expenditure on essential services like education, healthcare, and welfare schemes. The Capital Budget focuses on long-term investments such as infrastructure development, defense modernization, and technological advancements.
The budget significantly influences economic growth, inflation, employment, and social welfare. Tax policies introduced in the budget affect individuals and businesses, while government spending impacts industries like agriculture, manufacturing, and digital technology. Sectors such as healthcare and education receive allocations that shape public services and long-term development goals.
