Finance Minister Nirmala Sitharaman will present her eighth straight Union Budget on February 1. As the nation gears up for key announcements, one document that often gets overlooked but is incredibly valuable to understanding the government’s fiscal plans is the ‘Budget at a glance’.
What is the ‘Budget at a glance’ document?
The ‘Budget at a glance’ is a simple summary/overview of the Union Budget.
It offers a summary of the government’s financial plans using charts and graphs to break down key details about the government’s revenue (how it plans to raise money) and expenditure (how it plans to spend it) for the upcoming year.
This document helps everyone – from citizens to policymakers – understand the government’s financial plans without going into complex details.
The document is usually around 5 to 30 pages long and is concise and easy to read. It is usually available in PDF format after the announcement of the Budget in Parliament.
Why is it important?
The document helps the public quickly see the government’s priorities. It highlights how much money will go to important sectors such as education, healthcare, and infrastructure. It also shows the expected income from taxes and other sources, and how the government plans to manage the country’s finances.
Here’s what you will find in the ‘Budget at a glance’ document
- Revenue and Expenditure: A breakdown of how much the government expects to earn and how much it plans to spend.
- Deficit: Information on the fiscal deficit (how much the government needs to borrow) and other financial gaps.
- Sector-wise Allocations: Which sectors, like education or defence, are getting more funding.
- Taxes and Non-Taxes: A summary of the expected income from taxes and other sources.
- Debt and Borrowing: A look at how the government plans to manage its debt.
- Any other major reforms or policy changes that could impact you.
The Union Budget is the government’s roadmap for its financial year, detailing its income, expenditure, and overall fiscal strategy. The Finance Bill and Appropriation Bill are presented as part of the Budget under Article 112 of the Constitution, and both need to be passed by the Lok Sabha before April 4 (end of Budget session) to be implemented.