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Indian Economy

Union Budget 2020-21: Highlights

  • 03 Feb 2020
  • 1 min read

Why in News

The Union Minister of Finance has presented the Budget 2020-21. The Budget, with the central theme of ease of living for all citizens, is based on three prominent themes:

  • Aspirational India - better standards of living with access to health, education and better jobs for all sections of the society
  • Economic Development for all - “Sabka Saath , Sabka Vikas , Sabka Vishwas”.
  • Caring Society - both humane and compassionate; Antyodaya as an article of faith.

Budget

  • Union Budget of India is the country’s comprehensive Annual Financial Statement.
  • The Union Budget consists of a detailed account of the government’s finances, its revenues from various sources and expenditures to be incurred on different activities that it will incur.
  • As mentioned in Article 112 of the Indian Constitution, the Union Government lays a statement of its estimated receipts and expenditure for that year, From April 1 to March 31, before both the Houses of Parliament.
  • The term “budget” is not mentioned in the Constitution.
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