Budget Glossary

वास्तविक

Actuals are the verified final figures of government receipts and expenditure for a completed financial year, as certified by the Comptroller and Auditor General (CAG).

वार्षिक वित्तीय विवरण

The Annual Financial Statement (Article 112) is the constitutional name for the Union Budget.

विनियोग विधेयक

The Appropriation Bill authorises the government to withdraw funds from the Consolidated Fund of India for expenditure approved by Parliament through Demands for Grants.

बजट घाटा

Budget deficit is the difference between total estimated expenditure and total estimated revenue including borrowings.

बजट अनुमान

Budget Estimates (BE) are the projected receipts and expenditure for the upcoming financial year.

पूंजीगत व्यय

Capital expenditure (capex) is spending that results in creation of physical or financial assets, or reduction in financial liabilities.

पूंजी प्राप्तियां

Capital receipts are income that either creates a liability or reduces an asset of the government.

केंद्र प्रायोजित योजना

A Centrally Sponsored Scheme (CSS) is designed by the Central government but implemented by states with shared funding.

उपकर

A cess is a tax levied on top of existing taxes for a specific purpose.

नियंत्रक एवं महालेखा परीक्षक

The CAG (Article 148) is the supreme audit authority of India that audits all receipts and expenditure of the Central and state governments.

भारत की संचित निधि

The Consolidated Fund of India (Article 266) is the most important government fund where all tax revenues, non-tax revenues, and loans raised by the government are deposited.

उपभोक्ता मूल्य सूचकांक

CPI measures the average change in prices paid by consumers for a basket of goods and services.

भारत का आकस्मिक निधि

The Contingency Fund of India (Article 267) is a fund at the disposal of the President for meeting unforeseen expenditure pending Parliamentary approval.

कॉर्पोरेट कर

Corporate tax is a direct tax levied on the net income (profit) of companies incorporated in India.

बहिष्करण प्रभाव

Crowding out occurs when high government borrowing drives up interest rates, making it more expensive for the private sector to borrow and invest.

सीमा शुल्क

Customs duty is a tax on goods imported into or exported from India.

कटौती प्रस्ताव

A cut motion is a device available to Lok Sabha members to oppose a Demand for Grants.

ऋण-जीडीपी अनुपात

The debt-to-GDP ratio measures total government debt as a percentage of the country's gross domestic product.

अनुदान की मांग

Demand for Grants is the formal request by each ministry or department to Parliament for funds for a financial year.

प्रत्यक्ष कर

Direct taxes are levied directly on individuals and organisations and cannot be shifted to others.

विनिवेश

Disinvestment refers to the sale of government equity (shares) in public sector undertakings (PSUs) to private investors.

लाभांश और लाभ

Dividends and profits received by the government from its investments in PSUs, RBI, and other financial institutions.

विभाज्य पूल

The divisible pool is the portion of Central tax collections that is shared with states.

आर्थिक सर्वेक्षण

The Economic Survey is a document presented by the Ministry of Finance a day before the Union Budget.

प्रभावी पूंजीगत व्यय

Effective capital expenditure includes the direct capital expenditure by the Centre plus grants given to states and other bodies for asset creation.

प्रभावी राजस्व घाटा

Effective revenue deficit is the revenue deficit adjusted by removing grants given to states for capital asset creation.

उत्पाद शुल्क

Excise duty is a tax on goods manufactured in India.

उर्वरक सब्सिडी

Fertiliser subsidy is the financial support provided to keep fertiliser prices affordable for farmers.

वित्त विधेयक

The Finance Bill is introduced in Parliament along with the Budget.

वित्त आयोग

The Finance Commission (Article 280) is a constitutional body appointed every five years to recommend the distribution of tax revenues between the Centre and states, and among states themselves.

राजकोषीय समेकन

Fiscal consolidation is the process of reducing fiscal deficit and government debt over time through a combination of higher revenues and controlled spending.

राजकोषीय घाटा

Fiscal deficit is the difference between total expenditure and total receipts (excluding borrowings).

राजकोषीय गुणक

The fiscal multiplier measures how much GDP increases for every rupee of government spending or tax cut.

राजकोषीय नीति

Fiscal policy refers to the government's use of taxation and spending to influence the economy.

खाद्य सब्सिडी

Food subsidy is the expenditure incurred by the government to provide food grains at below-market prices through the Public Distribution System (PDS) under the National Food Security Act.

एफआरबीएम अधिनियम

The Fiscal Responsibility and Budget Management (FRBM) Act, 2003 mandates the Central government to reduce fiscal deficit, revenue deficit, and public debt to specified targets.

जीडीपी अपस्फीतिकारक

The GDP deflator is the ratio of nominal GDP to real GDP, expressed as a percentage.

वस्तु एवं सेवा कर

GST is a unified indirect tax that replaced multiple Central and state taxes (excise, VAT, service tax, etc.

सरकारी प्रतिभूतियां

Government securities (G-Secs) are debt instruments issued by the Central or state governments.

सहायता अनुदान

Grants-in-aid are financial transfers from the Central government to state governments or from the government to institutions where no repayment is expected.

सकल घरेलू उत्पाद

GDP is the total monetary value of all finished goods and services produced within a country's borders in a specific time period.

जीएसटी परिषद

The GST Council (Article 279A) is a constitutional body that decides GST rates, exemptions, model laws, and disputes.

गिलोटीन

In Parliamentary budgeting, guillotine refers to the process of putting all outstanding Demands for Grants to vote together without discussion when the allotted time for budget discussion expires.

आयकर

Income tax is a direct tax levied on the income of individuals, Hindu Undivided Families (HUFs), firms, and other assessees.

अप्रत्यक्ष कर

Indirect taxes are levied on goods and services rather than on income or profits.

मुद्रास्फीति

Inflation is the sustained increase in the general price level of goods and services over time.

एकीकृत जीएसटी

IGST is the component of GST levied on inter-state supply of goods and services and on imports.

ब्याज भुगतान

Interest payments are the cost of servicing government debt.

लैफर वक्र

The Laffer Curve illustrates the relationship between tax rates and total tax revenue.

बाज़ार उधारी

Market borrowings are loans raised by the government by selling securities (bonds) in the open market.

मध्यम अवधि राजकोषीय नीति वक्तव्य

The Medium-Term Fiscal Policy Statement is presented to Parliament under the FRBM Act along with the budget.

मौद्रिक नीति

Monetary policy is the RBI's use of interest rates and money supply to control inflation and stabilise the economy.

मुद्रीकृत घाटा

Monetised deficit is the increase in RBI's net credit to the Central government.

धन विधेयक

A Money Bill (Article 110) deals exclusively with taxation, government borrowing, appropriation, or expenditure from the Consolidated Fund.

राष्ट्रीय ऋण

National debt (or public debt) is the total outstanding borrowings of the Central government.

राष्ट्रीय पेंशन प्रणाली

NPS is a defined-contribution pension scheme for government employees who joined service after January 1, 2004 (Central) or the respective state's NPS adoption date.

सांकेतिक जीडीपी

Nominal GDP measures a country's economic output at current market prices, without adjusting for inflation.

गैर-कर राजस्व

Non-tax revenue is government income that does not come from taxes.

पुरानी पेंशन योजना

OPS is a defined-benefit pension scheme where retired government employees receive 50% of their last drawn basic pay as monthly pension, with dearness allowance adjustments.

पेंशन व्यय

Pension expenditure covers the retirement benefits paid to former government employees.

प्राथमिक घाटा

Primary deficit is the fiscal deficit minus interest payments on previous borrowings.

भारत का लोक लेखा

The Public Account of India (Article 266(2)) holds money received by the government in trust or as deposits, such as provident funds, small savings, departmental deposits, and reserve funds.

सार्वजनिक क्षेत्र उपक्रम

A PSU is a company in which the government holds more than 50% equity.

क्रय शक्ति समता

PPP is an exchange rate adjustment that equalises the purchasing power of different currencies by accounting for cost of living differences.

वास्तविक जीडीपी

Real GDP measures economic output adjusted for inflation using a base year's prices (currently 2011-12 for India).

राजस्व घाटा

Revenue deficit occurs when revenue expenditure exceeds revenue receipts.

राजस्व व्यय

Revenue expenditure is spending that does not result in creation of assets or reduction of liabilities.

राजस्व प्राप्तियां

Revenue receipts are income that neither creates a liability nor reduces an asset of the government.

संशोधित अनुमान

Revised Estimates (RE) are updated projections of receipts and expenditure for the current financial year, presented alongside the next year's Budget Estimates.

ऋण शोधन निधि

A sinking fund is a reserve fund created by setting aside money periodically to repay a specific debt at maturity.

छोटी बचत

Small savings are government-backed savings instruments available to retail investors including PPF, NSC, Sukanya Samriddhi, Post Office deposits, and Kisan Vikas Patra.

सब्सिडी

Subsidies are financial assistance given by the government to consumers or producers to reduce the market price of essential goods and services.

अनुपूरक अनुदान की मांग

When the amount authorised in the original budget proves insufficient for that year, the government presents Supplementary Demands for Grants to Parliament.

अधिभार

A surcharge is an additional charge levied on top of the base tax.

कर प्लवनशीलता

Tax buoyancy measures the responsiveness of tax revenue to changes in GDP.

स्रोत पर कर कटौती

TDS is a mechanism where the payer deducts tax at a prescribed rate from payments such as salary, interest, rent, professional fees, and contractor payments, and deposits it with the government.

कर हस्तांतरण

Tax devolution is the transfer of a share of Central tax revenue to state governments as recommended by the Finance Commission.

कर राजस्व

Tax revenue is income earned by the government through compulsory levies on individuals, corporations, and goods.

कुल व्यय

Total expenditure is the sum of revenue expenditure and capital expenditure.

कुल प्राप्तियां

Total receipts of the government represent all income from revenue receipts and capital receipts combined.

अंतरण भुगतान

Transfer payments are government expenditures where no goods or services are received in return.

खजाना बिल

Treasury bills are short-term government securities with maturities of 91 days, 182 days, or 364 days.

लेखानुदान

A Vote on Account is a special provision under Article 116 that allows the government to withdraw money from the Consolidated Fund to meet essential expenditure for a limited period (usually 2-3 months) before the full budget is passed.

अल्पावधि उधारी

Ways and Means Advances (WMA) are temporary loans given by the RBI to the Central and state governments to bridge temporary mismatches between receipts and expenditure.

थोक मूल्य सूचकांक

WPI measures the average change in prices of goods at the wholesale level (before retail markup).