Union Budget 2020-21: Highlights | 03 Feb 2020

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.