Union Budget 2024 Highlights: Things to Expect from Union Budget 2024

Your thoughts?

Do you think Union Budget 2024 will be progressive and prioritise fiscal consolidation over expansion?

Yes

Balanced

Did you know?

The word Budget has its roots in the French word “bougette”, which means a small leather bag.

VP Singh presented a budget in 1986 that became known as the Carrot & Stick budget because it had penalties & incentives.

Manmohan Singh in 1991 delivered a 18,650-word-long budget while FM Hirubhai Mulljibhai Patel delivered the shortest at 800 words in 1977.

The first Budget of India was introduced in the year 1860 when the country was under British rule.

Despite being Finance Ministers, K.C. Neogy & H.N. Bahuguna are the only ones to have not presented a Union Budget.

Morarji Desai is the only Finance Minister to have presented the Budget on leap days (29th Feb, 1964 & 29th Feb, 1968), which was also his birthday.

Are you Budget Savvy?

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Budget jargons simplified

Populist budget

A fiscal plan that focuses more on putting money in the hands of citizens through handouts, subsidies and tax breaks or cuts. This entails higher spending on revenue items and focuses on short-term benefits.

Progressive budget

A progressive budget usually doesn’t levy taxes on those who are not well-off and progressively raises taxes on those who can pay more because of their higher incomes. Similarly, expenditure or subsidies and handouts are given to those with lesser means.

Fiscal consolidation

A budget plan that seeks to reduce the budget and/or fiscal deficit. This includes giving a guide path as to how the deficit of expenditure over revenues will be brought down to a pre-determined level.

Fiscal expansion

When the government wants to spend more than its revenues to give a boost to the economy, it resorts to fiscal expansion. This will entail higher borrowings to finance the expenditure. The expansion relates to higher spending by the government than in the earlier year(s).

Fiscal policy

This is part of the economic policy repertoire that a government has in its kitty. It is related to tax policy and raising revenue, and government expenditure. Fiscal policy uses revenues and expenditure to influence economic growth.

Capital budget

This refers to the part of a government’s budget that is either capital receipts or capital expenditure, or both together. Capital expenditure pertains to government expenditure that is used to create capital assets. Capital receipts are receipts like money raised through bonds, grants received from foreign government or multilateral agencies, etc.

Revenue budget

Revenue budget refers to recurring expenditure or revenue, or both. Expenditure that is incurred every year by the government which doesn’t create any assets is usually referred to as revenue expenditure.

Direct & Indirect Taxes

Direct taxes, like income & wealth taxes, are called so because the person who is liable to pay the tax and who pays it are the same. In indirect taxes even though the liability to pay the tax may be on one person, it can be passed on, and collected from another person.

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Budget Updates

Sectors in Focus

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