Finance Ministry Is Running A Twitter Series On Budget Basics

In order to educate the country general public ahead of the budget presentation set for 1 February, the Ministry of Finance has started a 'Know Your Budget' series on Twitter. Using its official Twitter handle, the ministry has been providing the definition of some the basic yet important aspects of understanding the significance and making of the Union Budget. The series is set to be continued for at least a fortnight.

On 1 February, an interim budget, also known as a vote-on-account budget, will be presented by the interim finance minister Piyush Goyal, in the absence of Arun Jaitley who is away for his health treatment. The full budget for the financial year 2019-10 will be prepared and presented after the general assembly elections by the new government.

The series of tweets are being posted for close to 10 days now. Here are some of the definitions provided by the ministry:

What is Union Budget?

As Union Budget is round the corner, we come across so many terms which leave us puzzled. So via “Know Your Budget” Series, we aim to assist you in enhancing your Budget Vocabulary.
Before diving into details of Budget,let us first understand what a ‘Union Budget’ is? #Budget2019 pic.twitter.com/o0UdDOfuL8

— Ministry of Finance (@FinMinIndia) 15 January 2019

What is Vote on Account?

Reading about the Union Budget, you might have stumbled upon the term ‘Vote-on-Account’. Do you know what it means?#Budget2019 pic.twitter.com/ke7aNJNjuc

— Ministry of Finance (@FinMinIndia) 15 January 2019

What is Capital Budget?

Capital Budget:

Yesterday we gave a glimpse of what is ‘Union Budget’ and ‘Vote on Account’. Let’s move forward and see what the other types of Budget are.

What is a ‘Capital Budget’?

#Budget2019 pic.twitter.com/nolw5zojQ0

— Ministry of Finance (@FinMinIndia) 16 January 2019

What is Outcome Budget?

Outcome Budget:

Another type of Budget is the ‘Outcome Budget’.
Do you know what it is and what is its importance?#Budget2019 pic.twitter.com/NfHBsHXdu0

— Ministry of Finance (@FinMinIndia) 16 January 2019

What is Revenue Budget?

Revenue Budget:

Do you know about ‘Revenue Budget’ and what does it comprise of?#Budget2019 pic.twitter.com/UKPwicBUBd

— Ministry of Finance (@FinMinIndia) 16 January 2019

What is Finance Bill?

Tax proposals are the most anticipated part of the Budget Announcements as they are directly linked to the common man's life.
Let's see how they are presented in the Parliament.
What is a ‘Finance Bill’?#Budget2019 pic.twitter.com/4ce37WtgDZ

— Ministry of Finance (@FinMinIndia) 23 January 2019

What is Guillotine?

Parliament has a limited time to scrutinise the Expenditure Demands from all Ministries. Once the prescribed period for discussion on Demands for Grants is over,in order to put the process on fast-track,‘Guillotine’ is applied.Let's know the process of ‘Guillotine’.#Budget2019 pic.twitter.com/djBi33sCqQ

— Ministry of Finance (@FinMinIndia) 25 January 2019

What are Cut Motions?

Demand for Grants are demands made in respect of the grant proposed by each Ministry.However, the Parliament has authority to check expenditure of the Govt.& ‘Cut Motions’may be moved in Parliament to reduce the amount of a demand.Let us learn more about ‘Cut Motion’?#Budget2019 pic.twitter.com/sXCylHfsiW

— Ministry of Finance (@FinMinIndia) 25 January 2019