10 Important Budget Terms Every Student Must Know!
By Jasreet Kaur23, Jul 2024 11:40 AMjagranjosh.com
Budget 2024
Budget 2024 is presenting Budget for the fiscal 2024-25 today. To understand the Union Budget, it's important to know some key terms. Tap to read.
Union Budget
The Union Budget shows the government's yearly income and spending. It is presented annually by the Finance Minister.
Capital Expenditure
Capital expenditure is money the government spends on long-term projects like buildings and schools. It helps in creating assets and infrastructure.
GDP
GDP measures the total value of goods and services produced in a country in one year. It indicates the economic health of a country.
Inflation
Inflation shows how much prices for goods and services have increased in a year. High inflation reduces the purchasing power of money.
Direct Taxes
Direct taxes are paid directly by individuals, like income tax. They are based on the ability to pay principle.
Indirect Taxes
Indirect taxes are paid by consumers when they buy goods or services, like sales tax. They are included in the price of products.
Fiscal Deficit
Fiscal deficit is when the government spends more money than it earns. It is financed through borrowing.
Revenue Deficit
Revenue deficit occurs when the government's income is less than its spending on regular services and operations. It indicates that the government is not saving enough.
Budget 2024: What Are We Expecting For Education Sector In India?