• A budget is ‘an estimation of revenue and expenses over a specified future period of time and is utilized by governments, businesses, and individuals at any income level:
• Under Article 112, the Union Budget is referred to as the ‘Annual Financial Statement’ – a statement of the estimated receipts and expenditure of the government for that particular year (April 1 to March 31).
• Union Budget is not a single document rather a list of 13 documents.
  • 3 documents i.e. Annual Financial Statement, Demands for Grants, and Finance Bill are mandated by Article 112,113 and 110(a) of Constitution.
  • 2 documents presented as per Fiscal Responsibility and Budget Management Act, 2003:
    • Macro-economic framework statement;
    • Medium term fiscal policy cum fiscal policy strategy statement.
  • Other documents are in the nature of explanatory statements supporting the mandated documents.

Vision for Amrit Kaal – an Empowered and Inclusive Economy

• First budget of India’s Amrit Kaal, the vision includes a technology-driven and knowledge-based economy with strong public finances, and a robust financial sector.
• Also, the Union Budget is guided by seven priorities that complement each other and act as the Saptarishi.