๐ข What is the Union Budget?
Think of the Union Budget as Indiaโs yearly household budget.
Just like a family plans:
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๐ฐ how much money will come in
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๐งพ how much will be spent
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๐ฆ how much will be saved
The Government of India does the same for the whole country โ for one financial year (April to March).
๐ฆ Where Does the Government Get Money From?
๐ต Government Income (Like Your Salary)
The government earns money mainly from:
๐งพ Taxes
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Income Tax (from salaries)
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GST (on things we buy)
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Corporate Tax (from companies)
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Fuel taxes (petrol, diesel)
๐ญ Non-Tax Income
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Railway tickets
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Toll fees
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Dividends from PSUs
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Spectrum & mining fees
๐ Laymanโs view:
Every time you buy soap, mobile recharge, petrol or pay income tax โ you are contributing to the Budget.
๐ธ Where Does the Government Spend the Money?
๐๏ธ Government Expenses (Like Household Expenses)
The Budget money is spent on:
๐ Farmers โ MSP, crop insurance
๐ฅ Health โ hospitals, medicines, Ayushman Bharat
๐ Education โ schools, colleges, scholarships
๐ฃ๏ธ Infrastructure โ roads, railways, airports
๐ช Defence โ army, navy, air force
๐ฉโ๐ง Welfare Schemes โ ration, pensions, women schemes
๐ณ Interest Payment โ loans taken earlier
๐ Laymanโs view:
Your taxes return to you as roads, hospitals, free ration, cheaper treatment, jobs and security.
๐ What is Fiscal Deficit? (In Very Easy Words)
๐งฎ Income < Expense = Borrowing
If:
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Government earns โน100
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But spends โน120
๐ It borrows โน20
This gap is called Fiscal Deficit.
๐ Laymanโs view:
Just like taking a home loan or personal loan when expenses are more than income.
๐งโ๐ผ How Does the Budget Affect a Common Man?
๐ผ Salaried Person
๐
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Income tax slabs may change
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Standard deduction may increase
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More savings = more money in hand
๐ Middle-Class Family
๐
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Prices of LPG, petrol, food items may change
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Cheaper loans for house or education
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Better public services
๐ฉโ๐พ Farmers
๐พ
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MSP announcements
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Subsidy on seeds, fertilisers
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Loan waivers or insurance
๐งโ๐ง Youth & Job Seekers
๐ฏ
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Skill development schemes
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Start-up support
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Infrastructure projects create jobs
๐ต Poor & Vulnerable
๐ค
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Free ration
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Health insurance
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Pension schemes
๐๏ธ Why Prices Go Up or Down After Budget?
๐ Prices increase if:
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Taxes on fuel or goods go up
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Import duties increase
๐ Prices decrease if:
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GST rates are reduced
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Subsidies increase
๐ Laymanโs view:
Budget decides how costly or affordable your daily life becomes.
๐๏ธ When is the Union Budget Presented?
๐ 1st February every year
๐๏ธ Presented by the Finance Minister in Parliament
๐ Why Feb 1?
๐ So schemes start from 1st April without delay.
๐ง How Should a Common Man Read the Budget?
Instead of big numbers, focus on:
โ๏ธ Income tax changes
โ๏ธ Fuel & GST rates
โ๏ธ Health & education spending
โ๏ธ Jobs and welfare schemes
๐ Ignore the jargon, look at the impact on your pocket.
๐ผ๏ธ In One Line: Budget in Laymanโs Language
Union Budget = Governmentโs annual plan that decides
your taxes, prices, benefits, and future opportunities.