Highlights of Budget 2023-24 for UPSC/SSC

Introduction of Budget

As per article 112 of the Constitution, the Union Budget is basically the statement of estimated receipts and expenditure of the Government.

Budget word is not mentioned in the Constitution. It is known as the Annual Financial Statement of the Government.

The Department of Economic Affairs, Ministry of Finance is the nodal body responsible for preparing the Budget.

The Union Budget is classified into Revenue Budget and Capital Budget.

Part A of the Budget is the macroeconomic part of the budget where various schemes and priorities of the government are announced, and allocations are made to several sectors.

Part B of the Budget deals with Finance Bill, which contains taxation proposals such as income tax revisions and indirect taxes. (A Finance Bill is a Money Bill as defined in Article 110 of the Constitution.)

Budget 2023-24 is the first budget in Amrit Kaal which is the roadmap of the next 25 years – from India @75 to India @100. A Three-pronged focus driven by four transformative opportunities constitutes the foundation of Amrit KAAL.

Budget proposal for 2023-2024 rests on 7 guiding pillars - ‘SAPTARISHI’ in the AMRIT KAAL.

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