Union Budget 2025: Understanding key terms from fiscal deficit to finance bill

From James Wilson’s first budget in 1860 to Nirmala Sitharaman’s digital budget in 2021, now set for her eighth in 2025, the Union Budget shapes India’s spending, borrowing, and revenue. Here is a break down of concepts like the fiscal deficit, FRBM Act, revenue vs. capital expenditure, tax and non-tax revenue, the Finance Bill, and the Economic Survey.

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