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Know Your Budget series

Topics Covered:

  1. Functions and responsibilities of the Union and the States, issues and challenges pertaining to the federal structure, devolution of powers and finances up to local levels and challenges therein.
  2. Parliament and State Legislatures – structure, functioning, conduct of business, powers & privileges and issues arising out of these.

 

Know Your Budget series

 

What to study?

For Prelims and Mains: What is Budget, procedure involved, appropriation bill, finance bill, guillotine and vote- on- account? Cut motions.

 

What is it? It is a fortnight series started by the union Finance Ministry on Twitter which explains the importance of Union Budget and its making. It aims to educate the general public about the budgetary process.

 

The government on February 1 would unveil the interim Budget for 2019-20 as the general elections are due in the next couple of months. The final Budget for the next fiscal would be presented by the new government.

 

The first series of tweets explained what is Union Budget and Vote on Account.

 

What is Budget?

Budget is the most comprehensive report of the government’s finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the government’s accounts for the next fiscal year called Budget estimates.

 

Sources: Toi.