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 budget in 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.
It appears that India’s finance ministry wants its youth and people well versed in financial and economic terms before it launches its interim budget. It has started a string of tweets to educate the general public on the budgetary process.

The ‘know your budget’ twitter series appears to be aimed at explaining the basic definitions of budgetary terms.

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’

With the government presenting budget just ahead of general elections, it is yet to be seen if the finance minister, Arun Jaitley, will present a full budget or just a vote-on-account for the next fiscal.

See also:
Interest-free loans and income support— the upcoming Budget may be a song for India’s farmers

Here’s why the rupee will remain weak at least until Arun Jaitley’s budget speech

Indian corporates demand lower tax rates ahead of Budget 2019
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