Lets understand budget terms


When there is a shortage of revenue and retained earnings for conducting all the expenditures, there is a deficit in the budget.

Fiscal Deficit

When the government’s non-borrowed receipts are less than its entire expenditure, there exists a fiscal deficit

Revenue Deficit

it shows the shortfall of the government to meet the current expenses with its current revenue

Fiscal Policy

It is the government’s actions that are formulated to meet the aggregate levels of revenue and spending.

Monetary Policy

The actions taken by the central bank for the regulation of money levels or liquidity in the economy, or changing the interest rate

Finance Bill

The Bill with the course of action to meet the imposition, abolition, or regulation of taxes as proposed

Vote on Account

A grant made in advance by the parliament concerning the estimated expenditure for the next fiscal year

Outcome Budget

Every ministry presents an outcome budget to the Finance Ministry of India.

Finance Ministry compiles these presentations and prepares a progress report of the same as the form of the outcome budget which outlays the progress with the outlays of the previous year

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