Question 1

What is a revenue budget?

Accepted Answer

Revenue Budget consists of the revenue receipts of the
        government (tax revenues and other revenues) and the
        expenditure met from these revenues

Question 2

Budget 2023 FAQ: When is Budget 2023, who will present it and how long is the presentation speech?

Accepted Answer

The announcement of the Union Budget 2023 every year is one of the most important events in the country. The Budget affects every single individual in India. But it is not often that many tune in to watch the Budget speech. Here are some of the commonly asked questions that people have about the Budget Presentation. When will the Union Budget 2022-2023 will be presented in the Parliament? The Union Budget is scheduled to be presented on February 1, 2023 at 11 am in the Parliament. The Budget will be presented on the first day of the Parliamentary session, which is also known as the Budget Session.

Question 3

Budget 2023: What is the traditional halwa ceremony and what does it signify?

Accepted Answer

The traditional halwa ceremony, held ahead of the Budget presentation every year in India, marks the commencement of the printing process of the government's Budget document. The ceremony also recognises the efforts of every staff member who was a part of the budget-making process.The ceremony is attended by the finance minister and other officials and clerks of the ministry. As per the ritual, the halwa is prepared in a large wok and served to the officials of the finance ministry who are directly associated with the Budget.

Question 4

What is an Economic Survey and how will it be different in 2022?

Accepted Answer

The Economic Survey is the finance ministry's yearly flagship publication. It analyses India's economic development over the previous fiscal year by offering comprehensive statistical data on all sectors including manufacturing, agricultural and industrial.It also analyses the country's total macroeconomics over the prior year and furnishes a projection for the coming fiscal year.Due to the absence of a full-time chief economic advisor, the Economic Survey for 2021-22 is expected to have only one volume. It will mostly comprise the data for the fiscal year across different industry verticals and will not involve the policy prescriptions that are part of the main Volume-1 (CEA).

Question 5

How big India's railway and healthcare budgets are

Accepted Answer

The Railways and Healthcare sectors in India are massive and yet underachieving. Years of underspending have led to the lack of robust infrastructure in these areas. However, progress, though at a slow pace, is being made in both these areas. Here's a look at the size of the railway and healthcare budgets: Railways Valued at an estimated $16.2 billion, the Indian railways are the lifeline of India's transport. It is the fourth largest railway network across the globe. According to the Indian Brand Equity Foundation (IBEF) forecast, India will account for 40 percent of the global share of rain activity by 2050. The IBEF report further states that FDI inflows in railway-related components stood at $1.23 billion between April 2020 and June 2021.

Question 6

What is budget 2024?

Accepted Answer

The Union Budget is an account of the government finances. It presents a picture of where the government is making money from and where that money is spent. Watching the budget will help us understand, for example, how much the government earned in a given year from duties and taxes (like income tax and corporate tax), and how much it is spending on health, education and defence. It is presented by the Finance Minister on February 1 on the floor of the Lok Sabha (the house of the people in Indian Parliament).

Question 7

When was the first budget introduced in India, and by whom?

Accepted Answer

After India's independence, R. K. Shanmukham Chetty presented the first Union budget of independent India on November 26, 1947. Before independence, British economist James Wilson presented the first-ever budget in India in 1860 (right after the Sepoy mutiny), based on the English model.

Question 8

Who prepares the budget of India?

Accepted Answer

The budget division within the Department of Economic Affairs at the Ministry of Finance is responsible for producing the budget. The process begins about six months prior to Feb 1 of each year (the day when the budget is presented). The process includes consultations with other ministries as well as the Niti Aayog, a government think-tank.

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