India's Finance ministry wants people to brush up on their 'budget vocabulary', launches Twitter series
- With general elections just a couple of months away, the government is set to introduce the
interim budgetin February 2019.
- On Tuesday, India's finance ministry started an array of tweets — under '
know your budget' to enhance country's 'budget vocabulary’, educating general public on basics of budgetary process.
- The tweets explained various terms including direct and indirect taxes, union budget, vote-on-account, capital budget and Revenue budget.
- However, it is yet to be seen if the sixth budget will be presented as a full budget or vote-on-account.
The ‘know your budget’
As Union Budget is round the corner, we come across so many terms which leave us puzzled. So via “Know Your Budget” Series, we aim to assist you in enhancing your Budget Vocabulary.— Ministry of Finance (@FinMinIndia) January 15, 2019
Before diving into details of Budget,let us first understand what a ‘Union Budget’ is? #Budget2019 pic.twitter.com/o0UdDOfuL8
But on surface, the meanings of some of the terms leave a lot to be explained. For example, in seeking to eliminate the confusion around what the interim budget is, it goes on to explain ‘vote-on-account’ as “a grant made in advance by the Parliament, in respect of the estimated expenditure for a part of new financial year.”
Some of the other tweets have attempted to explain ‘capital budget’ and ‘revenue budget’
Capital Budget:— Ministry of Finance (@FinMinIndia) January 16, 2019
Yesterday we gave a glimpse of what is ‘Union Budget’ and ‘Vote on Account’. Let’s move forward and see what the other types of Budget are.
What is a ‘Capital Budget’?
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