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The Union Budget of India — key facts, its structure and types of deficits — a high-yield quick reference for competitive exams.
| Aspect | Details |
|---|---|
| Constitutional name | Annual Financial Statement (Article 112) |
| Presented by | The Finance Minister, usually on 1 February |
| First budget of independent India | Presented by R. K. Shanmukham Chetty (1947) |
| First budget of the Republic | Presented by John Mathai (1950) |
| Railway Budget | Merged with the Union Budget from 2017 |
| Part | Details |
|---|---|
| Revenue Budget | Revenue receipts (taxes, etc.) and revenue expenditure |
| Capital Budget | Capital receipts (loans, borrowings) and capital expenditure |
| Direct Taxes | Income Tax, Corporate Tax (levied on income/wealth) |
| Indirect Taxes | GST, Customs Duty (levied on goods & services) |
| Deficit | Meaning |
|---|---|
| Revenue Deficit | Revenue expenditure exceeds revenue receipts |
| Fiscal Deficit | Total expenditure exceeds total receipts (excluding borrowings) |
| Primary Deficit | Fiscal deficit minus interest payments |
| Budget Deficit | Total expenditure exceeds total receipts |