Union Budget 2023: Surplus Budget Vs Balanced Budget Vs Deficit Budget

Union Budget 2023: Budget interests everyone, from the common man to big industry or small-medium business owners. Amidst the global economy battling with the possibility of a recession, everyone's eyes are on the budget -- to be tabled on February 1. Here are a few common FAQs on Union Budget.

What is Union Budget?

Union Budget of India is the annual financial statement of the government for the upcoming financial year from April 1 to March 31.

According to Article 112 of the Indian Constitution, Union Budget of a year also referred to as the annual financial statement, is a statement of the estimated receipts and expenditures of the government for that respective year laid before both Houses of Parliament.

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What are the 3 types of Union Budget?

Based on estimates, the three types of annual Government budgets are Surplus Budget, Balanced Budget, and Deficit Budget.

-Surplus Budget

A surplus budget is a condition when incomes overreach costs. In simpler words, when government revenue exceeds the expenses then it is known as a surplus budget. (T>G)

-Balanced Budget

A balanced budget occurs when planned revenues match or exceed the amount of planned expenses. A balanced budget occurs when tax revenue is equal to government spending(T=G)

-Deficit Budget

A budget deficit occurs when expenditures surpass revenue. In simpler words, when government revenue is less than the expenses then it is known as a deficit budget. (T<G).

Who presents Union Budget ?

The Union Budget is presented by the Union Finance Minister of India. For the financial year 2023-24, the Budget will be presented on February 1 by Finance Minister Nirmala Sitharaman. Notably, this would be her fifth straight Union Budget speech.

Did you know, Sitharaman holds the record for giving the longest budget speech?

When and where will Union Budget 2023 be presented?

The Budget for the financial year 2023-24 will be presented in Lok Sabha on February 1, Wednesday, at 11:00 AM.

The Budget Session of Parliament will begin on January 31 with the address of President Droupadi Murmu to a joint sitting. The Session will conclude on April 6.

Also, read- Budget 2023: How does India earn? What is the math behind it?