Union Budget 2024: Key Terms to Know
by priyanka roshan | june 24, 2024
Budget Estimates
Allocated funds in the Budget for a ministry or scheme for the upcoming financial year.
fiscal deficit
The gap between the government's total expenditure and its total receipts (excluding borrowing).
consolidated funds
Includes all government revenues and expenses, excluding exceptional expenses. Parliamentary approval is required for expenditure.
finance bill
A proposal introduced in the Lok Sabha to implement new taxes or amend the current tax structure.
indirect taxes
Taxes levied on goods and services, such as GST and customs duty, ultimately paid by the consumer.
inflation
The rate at which prices for goods, services, and commodities increase.
capital expenditure
Funds for developing, acquiring, or maintaining fixed assets like buildings, roads, and equipment.
gross domestic product (gdp)
The total value of all goods and services produced within a country over a specific period.
goods and services tax (gst)
A comprehensive indirect tax on the manufacture, sale, and consumption of goods and services.
fiscal policy
Government strategies regarding taxation, spending, and borrowing to manage economic growth.
monetary policy
The central bank's management of the money supply and interest rates to achieve macroeconomic objectives.