What is a Budget?

A temporary authorization by Parliament to withdraw funds from the Consolidated Fund of India to meet urgent expenditure in advance of the completion of the budget process. This is typically used when the general elections are due.

A fund established under Article 266(1) of the Constitution of India, which includes all revenues received by the Union government, all loans raised by the government by issuing debentures, and all monies received by the government in repayment of loans. All expenditure of the government is met from this fund.

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.