Definition:
The Union Budget of India is an annual report made by the Finance Minister that details how the country’s money will be spent, and various policy changes.
Importance:
- A Union Budget tells us how the country’s finances and the economy will look in the coming year.
- Aside from announcing the amount of money allotted to the different dimensions of the country’s development, the Finance Minister also announces important policy changes.
- The 2023 Budget gave heavy focus on the digital revolution across the fields of medicine, agriculture, education, and infrastructure.
Read our sector-wise summary of the 2023 Union Budget here!
