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 Budget 2019, 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.
Any urgent expenses are met by the contingency fund. This fund is released by the President under Article 267. The money taken from these funds is later received through a consolidated fund.
The amount received by the government through direct and indirect taxes or through borrowing or receiving of loans come under Consolidated funds. Article 266 (1) describes all government expenditures are to be met by consolidated funds except a few made by contingency fund or public fund. In the financial year 2018-19 the sum of one lakh ninety-eight thousand eight hundred thirty-one crore and thirty-six lakh rupees (Rs 198831,36,00,000) was asked as the consolidated fund.