Budget 2023 : 9 basic terms to know before February 1
GDPIt is a measure of the monetary value of all the goods and services produced within a country's borders in a given period of time, typically a year.
Annual financial statementIt is a report that provides detailed information on a company's financial performance and position over the course of a single fiscal year, including balance sheets, income statements, cash flow statements and footnotes.
Budget EstimateA budget estimate is a forecast of expected income and expenses for a future period, typically a fiscal year, used to plan and control financial resources.
Finance BillA bill introduced in the legislature that proposes changes to the tax laws, usually including proposals for new taxes or changes in tax rates and credits, intended to raise revenue for the government or redistribute wealth.
Union BudgetAn annual financial statement presented by the finance minister of India outlining the government's planned revenue and expenditures for the upcoming fiscal year.
Contingency FundFinancial reserve set aside to cover unexpected or urgent expenditures that may arise, typically established by government or organizations to ensure financial stability and continuity of operation in case of emergency or unforeseen events..
Public Account of IndiaAn account maintained by the Comptroller and Auditor General of India, which records all non-budgetary transactions of the government of India, including all money received or spent for public services
RECESSIONRecession is a significant decline in economic activity spread across the economy, lasting longer than a few months,.
FISCAL DEFICIT The difference between the government's total revenue and total expenditure, indicating the extent to which government spending exceeds its income, typically financed by borrowing from domestic or foreign sources.