Union Budget 2024 – Trivia Part 2

Hon'ble Finance Minister Nirmala Sitharaman unveiled three major economic railway corridors in the interim budget of 2024 for the PM Gati Shakti Yojana. Explore detailed information about PM Gati Shakti Yojana.

Get to knwo about the impact of interim budget 2024 and a detailed analysis in this article.

Learn about surplus budget and how a budget surplus impacts the economony. 

Find out the importance of budget deficit. Cause of budget deficit and What is the relationship between budget deficit and stock markets

Learn about the what is the Union Budget in this article for a comprehensive information of its importance.

As we come closer to February 1, the chatter around the expectations over Union Budget increases. From young college students looking to start their careers and small business owners to leading economists and industrialists, almost every Indian citizen keeps a tab on the Budget announcement. Let us discuss what is Union Budget and its importance for the economy.

The Union Budget 2024 got quite a cheer from the share market as major indices ended on a positive note. The NIFTY 50 and the Sensex benchmark indices gained during the Budget speech and finished green. 

Over the last two years, individuals, especially salaried people, have taken quite a hit because of the pandemic. Work from home has not only increased expenses such as electricity and WiFi bills but has also put a strain on take-home salary. Naturally, people hope that the government will step in and ease some of these troubles through their Union Budget announcements.

Indian stock markets are dynamic prone to ups and downs depending on a host of factors. Every year, one major event that impacts the equities and bond markets is the announcement of the Union Budget.

The ritual of presenting the Indian Budget is more than two centuries old, dating back to colonial times. India's first-ever Budget was presented by James Wilson in 1860, a Scottish economist and politician.

Taxes are the most crucial and most significant source of revenue for the Government. The Government uses the revenues generated from taxes to provide basic facilities to its citizens and the nation's overall development. For example, construction of roads, buildings, infrastructure, public healthcare facilities, providing various subsidies, etc.

A budget typically meant to please people is known as a populist budget. It spends more on lucrative schemes that can increase the Government's fiscal deficit. Such a budget doesn't have any enduring positive impact on the country's economy.

The Union Budget of India has two main components, each with two sub-components. To know more in detail, visit the link.

Deep dive into the three different types of government budgets and their impact on the economy.

The Finance Minister of India presents the Union Budget on the first day of February every year. It is also known as the annual financial statement of the country. It contains the details of the revenue sources and expenses undertaken by the Government during the applicable financial year.