The Union Budget: What’s in it for me?

With the budget season approaching there are a lot of discussions and aspirations of what the budget would have in store for us. However there are a few questions which most people have in mind like what exactly is the union budget? How is it going to affect me? Do I have to be happy or worried? How will it be affecting my lifestyle? Let’s answer these questions.

Just like every household has an income and has its share of expenses so does the country. The country receives money by way of taxes and has a list of expenditures to be incurred which should lead to the benefit of the country at large. Just like we have planned and unplanned expenses in every house so also the country has a share of definite and unplanned expenses. In a household sometimes expenses off shoot our income and we either borrow money or take a loan. Similarly if the expenses of the government are more than the income it’s called fiscal deficit and if incomes supersede the expenses we call it as fiscal surplus. We hope to see days when we are in a surplus situation.

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