Know Your Budget Current Affairs - 2019
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The Union Finance Ministry has started the Know Your Budget series on Twitter to educate the general public about the budgetary process. It is a fortnight series which explains the importance of Union Budget and its making.
With the government set to present the interim Budget for 2019-20, the Know Your Budget series of the Finance Ministry in Twitter aims to increase the general awareness of the public regarding the budgetary process.
Explains Union Budget and Vote on Account
In the first series of tweets under the Know Your Budget fort-night series, the Ministry has made tweets to explain the Union Budget and Vote on Account as:
- Budget is the most comprehensive report of the government’s finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the government’s accounts for the next fiscal year called Budget estimates.
- Vote on Account is explained as a grant made in advance by Parliament for expenditure for a part of the next financial year.
Since the Parliament elections are due, the government would be presenting interim Budget. The Budget for the financial year 2019-20 would be presented by the new government.