FinMin 'Know Your Budget' Twitter series to inform people before FY20 budget

Seeking to educate general public about the budgetary process, the finance ministry Tuesday started a series on Twitter providing definitions of various terms used in the budget. The 'Know Your Budget' series, which explains the importance of Union Budget and its making, would continue for about a fortnight. The government on February 1 would unveil the interim Budget for 2019-20 as the general elections are due in the next couple of months. The final Budget for the next fiscal would be presented by the new government.

The series which began on the ministry's Twitter handle on Tuesday explained what is Union Budget and Vote on Account. The Budget, the ministry explains, "is the most comprehensive report of the government's finances in which revenues from all sources and outlays for all activities are consolidated. "The Budget also contains estimates of the government's accounts for the next fiscal year called Budget estimates". Explaining Vote on Account, the ministry said it is a grant made in advance by Parliament for expenditure for a part of the next financial year.

(With inputs from agencies.)