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COMPONENTS OF THE GOVERNMENT BUDGET

  • There is a constitutional requirement in India (Article 112) to present before the Parliament a statement of estimated receipts and expenditures of the government in respect of every financial year which runs from 1 April to 31 March.
  • This ‘Annual Financial Statement’ constitutes the main budget document.
  • Further, the budget must distinguish expenditure on the revenue account from other expenditures.
  • Therefore, the budget comprises of the (a) Revenue Budget and the (b) Capital Budget.

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