The Union Budget is one of the most important documents unveiled each year in India. But it can be hard to navigate for most people. Here are the most important numbers in the Budget.

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Size of budget

Perhaps the most significant figure, and the one which is most easy to understand, the size of the budget refers to the total estimated expenditure of the government in the fiscal year. The size of the budget was Rs 34,83,236 crore in 2021-22.

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Expenditure

The expenditure is divided into two categories -- revenue expenditure and capital expenditure. Capital expenditure refers to large one-time purchases and costs, while revenue expenditures are the costs incurred on a regular basis for the regular operation of the state machinery. Revenue expenditure was estimated at Rs 29,29,000 crore and capital expenditure was estimated at Rs 5,54,236 crore in the last budget.

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Tax revenues

Tax revenues refer to the amount of money collected by the government through various taxes. Taxation is the primary source of income for the Indian government. Gross tax revenue was estimated at Rs 22,17,029 crore for FY2021-2022.

Non-tax revenues

While taxation is the main source of income for the government, it also manages to earn recurring income through various sources. These make up the non-tax revenue for the government. The non-tax revenue stood at Rs 2,43,028 crore in 2021-22.

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Fiscal deficit

The fiscal deficit is the shortfall in the government's estimated revenue compared with its spending. A deficit occurs when the government is spending more than it earns.

The fiscal deficit is different from the revenue deficit, which is the shortfall in the estimated income for a government in a year. The fiscal deficit was targeted at 6.8 percent of GDP in 2021-22, and the government is looking to reduce the fiscal deficit to 4.5 percent of GDP over the next couple of years.

Other important components of the Budget

While these are not necessarily just simple numbers, they represent some important information for the year as well.

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Annual Financial Statement is a document presented to Parliament every financial year by the government and contains the statement of receipts and expenditures for all government accounts for the new fiscal.

Demand for Grants is the gross estimate of the overall spending to be incurred -- the breakdown of expenditure and revenue, and capital expenditure. The document is required to be voted upon by the Parliament.

Finance Bill is the fiscal legislation that contains all the changes made to various Acts and legislations that govern topics like taxes, duties, exemptions, reliefs and more.

Click here for all the latest updates on the Union Budget 2022-23.

(Edited by : Shoma Bhattacharjee)

First Published:Jan 20, 2022 7:24 PM IST