The Indian government has just introduced its afresh union budget for 2023-24. It contains a lot of new information and increases or decreases in the prices of many household commodities. Moreover, the budget has also focused on some of the major sectors in India, such as agriculture, taxes, fintech, and many more. Moreover, there has also been taken a decisive move for all the taxpayers of our country.
Just as the union budget is important for the growth of a country, so is its understanding of normal citizens. However, for students, it becomes slightly complicated to read and understand the entire budget in one go. In this article, we’ll provide you with some ways by which you can understand the union budget.
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Here are a few tips to understand the Union Budget.
1. Listen to the speeches given in Lok Sabha
Our financial minister Nirmala Sitharaman gives a speech on Lok Sabha before publishing a copy of the union budget. In her speech, she includes the previous and currently established budget comprehensively while targeting different sectors. With the speech itself, you can get an idea of what the union budget for the current year is going to look like. Moreover, the finance minister also declares some critical milestones, including the fiscal deficit, divestment of government assets, and money required by the government through the insurance of bonds.
2. Go through the summary concluded from the Union Budget
Once you have listened to the union budget by the financial minister herself, the next step would be to go through the bullet points of the union budget so that you’ll have a clearer picture of the entire budget. You can also read the details of the budget to have a 360-degree view. This would help you summarise the entire content of the whole budget. For an even better understanding, you can also have a glimpse of the “Annual Financial Statement” of the government.
3. Understand the revenue and expenditure
Understanding revenue and expenditure is imperative for determining the effectiveness of the union budget. You can find out the revenue expectations under the ‘Receipt Budget’ document, and as for the expenses, there is a document name ‘Expenditure Budget’, which contains an estimate of the expenses.
These two documents combined give you an idea about the consolidated funds, privatization of assets, taxes, resources, facilities, purchase of equipment, and many other things.
4. Keep an eye on the prices before and after the budget proposed
The economy always fluctuates irrespective of the budget. It includes inflation, deflation, and economic stability. Therefore, as an active citizen, you should be aware of the economic status of your country along with the new budget introduced so that you can compare the change in prices before and after the budget.
5. Analyze the policy
The policy is the most important thing to understand the entire revenue and expenditure of the country’s budget. Analyse the policy from the inside out. For instance, if the proposed fiscal deficit is smaller than the previous one, you can expect positive feedback from the Indian market. The fiscal policy strategy also concludes the debt that may arise from the government within the next two financial years. The policy also helps you compare the global market with the Indian market.
What’s there for the education sector in Union Budget 2023-24?
In this year’s union budget, the government has projected some strategies and budgets for the education department. Here are the key highlights for students in the union budget 2023-24:-
- 157 new nursing colleges will be established in co-location with the already existing 157 medical institutions
- For medical students, ICMR facilities will be made available for research by both private and public colleges.
- For faculty members, the training will be re-envisioned through pedagogy, curriculum transaction, continuous professional development, dipstick surveys, and ICT implementation
- Other facilities such as national libraries, books, national book trust, collaboration with NGOs, Pradhan Mantri PVTG Development mission, and many other things will be rolled out for the benefit of students, irrespective of geography, class, and income strata.
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In a nutshell, the union budget of this year has focused on many sectors and resource distribution, especially in the education sector. Every citizen keenly focuses on financial planning. Hence it becomes crucial to understand the union budget.
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