Budget Process and Documents

The difference between the government's revenue receipts and its revenue expenditure. A deficit indicates that the government is spending more on its day-to-day operations than it earns through revenue.

The difference between the government's total expenditure and its total revenue (excluding borrowings). A rising fiscal deficit indicates that the government is spending more than it earns, which can lead to increased debt and potential economic instability.

The Finance Bill is introduced in Parliament immediately after the Budget speech. It contains proposals for new taxes, changes to existing taxes, or the continuation of existing tax laws. It becomes law after it is passed by both Houses of Parliament and receives Presidential assent.