The government is due to present full-year Budget 2019-20 on July 5. The budget is an annual financial statement of a government, detailing its revenue and expenditure in the past, as well as estimated spending and projections for the time to come. Ahead of the presentation of full-year Budget in Parliament, the Ministry of Finance has used social media platform to engage with audience. The ministry has started a Twitter series quizzing audiences related to Budget. A similar initiative was taken earlier as well by the ministry. (Also read: Here’s A Recap Of Key Announcements From Interim Budget 2019)

Here are some of the facts about Budget shared by the Ministry through tweets:

1. The first General Budget of Independent India was presented on November 26, 1947.

2. Union Budget is the most comprehensive report of the government’s finances in which revenues from all sources and outlays for all activities are consolidated. It also contains estimates of the government’s accounts for next fiscal year called Budgeted Estimates.

3. When the government’s non-borrowed receipts fall short of its entire expenditure, it has to borrow money from public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called the fiscal deficit.

#GeneralBudget2019 Today’s Question: When the Govt’s Non-borrowed Receipts fall short of its entire expenditure, it has to borrow money from public to meet the shortfall. The excess of total expenditure over total Non-borrowed Receipts is called the ­­__________@nsitharamanoffc

— Ministry of Finance (@FinMinIndia) June 21, 2019

4. Fiscal policy is the government’s actions with respect to aggregate levels of revenue and spending. It is implemented though the Budget and is the primary means by which the government can influence the economy.

#GeneralBudget2019 Today’s Question: It is the Govt’s actions with respect to aggregate levels of revenue and spending. ­­It is implemented though the Budget and is the primary means by which the Govt. can influence the economy. What is it?@nsitharamanoffc@PIB_India@MIB_India

— Ministry of Finance (@FinMinIndia) June 22, 2019

5. Inflation is a sustained increase in the general price level.

6. Halwa ceremony marks the commencement of the Budget printing process.

7. Contingency fund of India is a fund placed at the disposal of the President of India to enable him/her to make advances to the Executive/Government to meet an urgent unforeseen expenditure.

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