Nirmala Sitharaman, India’s first full-time female Finance Minister, will present the first Budget of Narendra Modi-led government's second term on July 5.
Taking up the crucial Finance Ministry portfolio, Sitharaman has a big task at hand. In her new role, the former defence minister needs to address issues such as economic slowdown, unemployment rate which is at a 45-year high, severe agrarian crisis, NPAs marring the banking sector.
While all eyes will be on Sitharaman’s Budget speech, it is imperative for people to know the key terms associated with the annual exercise.
Here’s a lowdown on some of the important terms to help understand the Budget.
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What is the Revenue Budget?
Revenue receipt and revenue expenditure make up the Revenue Budget. Revenue receipt includes funds the government earns through taxes such as income tax, service tax, corporation tax, interest receipts, dividends and profits and other receipts of Union Territories.
Revenue expenditure consists of money spend by the government without creating an asset. Some of these expenditures are on subsidies, paying for calamities or disaster, grants given to state or union territory.
ALSO READ: What is Capital Budget?
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