Budget Terms

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Budget Terms Simplified

There are lots of terms in budget, which are difficult to understand like what is the meaning and what is the importance in budget. Below are the some important terms, one can understand easily.

Budget Estimates: It is an estimation of income and expenses for the year. This is the first step of the government to prepare budget accordingly. Same as we make estimate for the month before taking our salaries.

Budget Deficit: As it appears from its name just more expenses then income. It is a situation when government think for other sources to control over it. Same like as general saying ‘Chadar Dekh Kar Per Pasaro”.

Consumer Price Index: A price index covering the prices of consumer goods. This is contrasted with a more general price index, such as the GDP, which also includes investment gods and goods purchased by the government.

Finance Bill: Before become the fiance act it is a finance bill. Finance bill have proposals, but when it is passed in parliament and it becomes the finance act.

Subsidies: Financial aid provided by the Center to individuals or a group of individuals to be competitive. The grant of subsidies is also aimed at improving their skills of those who benefit from the subsidies.

Disinvestment: Disinvestment, sometimes referred to as divestment, to meet the expenditure or otherwise sale of its part or whole of its ownership in a PSU.

Taxes: To generate income and to meet the expenditure of estimation in budget, the government make new taxes, reduce taxes, enhance taxes in the shape of direct taxes and indirect taxes. For example: income tax, central excise, service tax,

Gross Domestic Product (GDP): The gross domestic product (GDP) or gross domestic income (GDI) is a basic measure of a country’s overall economic output. It is the market value of all final goods and services made within the borders of a country in a year. It is often positively correlated with the standard of living,  though its use as a stand-in for measuring the standard of living has come under increasing criticism and many countries are actively exploring alternative measures to GDP for that purpose.
Capital Expenditure: Long-term in nature they are used for acquiring fixed assets such as land, building, machinery and equipment. Other items that also fall under this category include, loans and advances sanctioned by the Center to the State governments, union territories and public sector undertakings.

Capital Receipt: Loans raised by the Center from the market, government borrowings from the RBI & other parties, sale of Treasury Bills and loans received from foreign governments all form a part of Capital Receipt.

 

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