Finance Minister Nirmala Sitharaman presented Union Budget 2020 on Saturday. As finance minister, this was the second budget presentation by Sitharaman and this was also the second budget since Prime Minister Narendra Modi came to power for a second term. Amid loud desk-thumping approval from the Union Ministers, Sitharaman tabled the Budget 2020 at 11 am in the Lok Sabha.
Here's a list of things that have now turned cheaper
- Pure-bred breeding horses
- Newsprint C
- Sports goods
- Microphone
- Electric vehicles
- Import of newsprint
- Lightweight coated paper
What is Union Budget?
According to Article 112 of the Constitution of India, the Union Budget is the annual financial statement of the estimated receipts and expenditure of the Central government for that particular financial year. The receipts and disbursements are shown under three parts in which the Government Accounts are kept, viz.,
(i) The Consolidated Fund of India
(ii) The Contingency Fund of India, and
(iii) The Public Account of India.
The finance minister's Budget presentation speech has many parts. They pertain to various categories: Annual Financial Statement (AFS), Demand for Grants (DG), Appropriation Bill, Finance Bill, Macro-economic framework for the relevant financial year, Medium-Term fiscal policy and a strategy statement, Expenditure Profile, Expenditure Budget, Receipts Budget.
Also Read | Union Budget 2020: Terminology, glossary of frequently used terms
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